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Germantown receives $7.25M appraisal for country club

By Updated: March 16, 2019 12:33 AM CT | Published: March 15, 2019 3:59 PM CT

Germantown leaders have received a $7.25 million appraisal for the Germantown Country Club property.

The appraisal amount, determined by Bouldin & Associates, was announced on the city website Friday.

Germantown entered into an agreement with Bouldin Feb. 25 to determine the fair market value of the property as city leaders move forward with the possible purchase of the site.


ABIGAIL WARREN: Germantown Country Club to close in February


Members of the financial advisory committee decided at a March 7 meeting they did not want to discuss possible fiscal impacts on the city until the appraisal was complete.

The trustee for the country club hired Cushman & Wakefield as brokers for the property, and they have met with Mayor Mike Palazzolo and City Administrator Patrick Lawton.

Marketing materials are still being developed, according to Jeb Fields, vice president of Cushman & Wakefield. He hopes soon to have a better timeline of when the property could be sold.


ABIGAIL WARREN: Germantown leaders favor city purchase of Germantown Country Club for passive use


The trustee will put out a request for proposals, where potential buyers can say what they would like to do with the property and how much they would be willing to pay. Once those are put in, the trustee will review them and begin negotiating with the top buyer.

If the city wishes to buy it, Patrick Lawton said he hopes it  could close in late June or early July. If sold to the city, the expense could be reflected in the 2020 fiscal year budget.

“From a budgetary standpoint, that would allow us to make any necessary changes,” Lawton said, as the Board of Mayor and Aldermen finalize the budget by the end of June.

They city has 750 acres of parkland. Acquiring the country club would bring the total to 930.

Alderman Rocky Janda wants to make sure the city closely examines the cost as the property needs “significant upkeep.”

Although the city's parks commission voted for a passive park, Janda said details and land use would not be finalized until the purchase was complete.

Developer Kevin Hyneman said he believes the $7.25 million appraisal is “in the right range based on the current zoning.”

Germantown should buy the property, control it, keep the part it wants and sell part for a mix of development that includes various residential lot sizes, perhaps a memory care facility and a small amount of neighborhood retail, Hyneman said.

He splits his time between Germantown and Nashville. Earlier in his career, his Kevin Hyneman Cos. developed starter homes, but in recent years has concentrated on upscale subdivisions, especially around Nashville.

“I’m not sure I want to develop 170 acres of 15,000-square-foot lots,” he said of the former golf course land. “That’s a 10-year development; I’m 55 years old.”

The city should buy the property, develop a master plan for it and sell off a portion on the higher, less flood-prone side, he said: “Get some of their money back. Consider moving the tennis courts and some of that from the administration offices” at 130 S. Germantown Road.

“Move that out to the park and perhaps sell some of those parcels close to the administrative offices and they end up with most of the park free and clear,” Hyneman said.

Topics

Germantown Germantown Country Club Mike Palazzolo Rocky Janda

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