The high-traffic artery of Route 18 takes 26,000 motorists a day past the $2.4 million Golf Improvement Center and Driving Range located two miles west of Montrose.
From the road, drivers can’t see the 28-acre driving range with its covered teeing areas, target greens, landing areas, fairway bunkers and putting greens.
What they do see — especially after dark when it’s spotlighted by stadium lighting — is a 3,000-square-foot clubhouse and banners that beckon, “Driving range — 40 heated tees.”
When it comes to golf, that is a magnet to the clubs in any trunk, says Tim Edwards, the facility’s president and general manager. And in terms of investing, a venue with such impressive amenities — in such a high-growth area — equates to a hole in one.
This venture has 31 local investors, but less than a dozen of them are golfers. They don’t even aspire to learn the game.
“They invested because we bought 78 acres at such a good price, and since it’s between Montrose and Medina, this land is only going to increase in value,” Edwards explains.
After sewer and water assessments, the land acquisition totaled $1.2 million, says Edwards. An equal amount was spent to build the facility. Zoned commercially 1,000 feet from the road, with a front footage of 300 yards, the remaining 50 acres are perfect for a par-three golf course, he says.
Rounding up investors wasn’t difficult. Shares were sold in fractions, at $12,500 per quarter share.
“We got a little over $1 million from the shareholders,” Edwards confides.
Also appealing was the venture’s limited liability ownership, and the legal and land development expertise of its co-managing members, Jeff Leonard and Lou Ferris.
“With the LLC, none of the members are liable for any of the debts,” says Leonard, CFO of Main Street Muffins, and former attorney for Brouse & McDowell LPA. “And the cash profits are allocated in a way as to give preferential returns to investors.”
Ferris says the investment in the green will yield greenbacks.
“As a golfer, Jeff knew how the facility should be designed and he handled all that. I knew how real estate development should be executed. And Tim is a fantastic general manager because he loves golf and has an excellent marketing and PR background,” Ferris says, referring to Edwards’ former position as marketing director for Inventure Place, the National Inventors Hall of Fame.
Edwards says research obtained from the National Golf Foundation reflects that a heated driving range in this climate can generate hefty revenues during winter months.
“There’ve been days when all 40 tees are jammed,” he says. “And our PGA pros Jeff Daves and John Grimm, who direct the center’s clinics and golf schools, have given a lot of lessons.”
In time, perhaps the investors will learn to play the game. Either way, they’re happy to have a piece of the green.
As Ferris puts it, “To me, it’s a great investment because everybody can have fun while the value of the land grows.”
How to reach: Golf Improvement Center and Driving Range (330) 867-4600