The course is located at the end of the 700-home River’s Bend neighborhood.
With a sale pending to an out-of-town buyer, the noteholder of a shuttered golf course in Chester is moving to take control of the property.
A foreclosure auction has been scheduled for River’s Bend Golf Club, a long-dormant and overgrown course that hugs the bank of the James River and is under contract to be sold to a Charlottesville firm.
The auction, set for Dec. 2 at 11 a.m. on the steps of the Chesterfield County courthouse, would allow an entity controlled by the family of local hotelier PC Amin to have clear ownership to complete the sale of the course to Charlottesville developer Justin Beights and his new land conservation firm Renovo.
Amin’s LLC bought the note secured by the golf course in 2009, and he has since been slowly and carefully considering his options in a balance of appeasing neighbors’ concerns and his business concerns.
The foreclosure could be little more than a formality as part of the process to close the Renovo deal. But should that transaction fall through for some reason, the foreclosure would give Amin – a River’s Bend resident and former investor in the golf course – control of the property going forward.
A tee box on the River’s Bend sixth hole on a recent afternoon.
The foreclosure involves two parcels that encompass River’s Bend’s 225 acres at 11700 and 11929 Hogans Alley. Much of that acreage is riverfront property that sits across from Henricus Historical Park.
That location is partly what lured Renovo, which has proposed a business model of conserving much of the golf course’s land to generate returns from a variety of government programs that offer tax credits and deductions from conservation easements, stream restoration, wetland mitigation and nutrient credit creation.
A foreclosure will also relinquish control from longtime owner Ronnie Kelley, a veteran local golf course operator who hung on at River’s Bend in the face of the course’s financial struggles, the recession, a competitive local golf market and other factors.
Reached Monday, Kelley said he couldn’t comment on the current status of the deal or the foreclosure.
Beights, a UVA graduate with a background in real estate development, is also under contract to purchase Royal Virginian golf course in Goochland County. He said Monday the River’s Bend deal is likely to close by the end of the year.
Local attorneys Stephen Scarce and Trevor Reid of law firm Parker, Pollard, Wilton & Peaden are handling the River’s Bend foreclosure auction.
The course is located at the end of the 700-home River’s Bend neighborhood.
With a sale pending to an out-of-town buyer, the noteholder of a shuttered golf course in Chester is moving to take control of the property.
A foreclosure auction has been scheduled for River’s Bend Golf Club, a long-dormant and overgrown course that hugs the bank of the James River and is under contract to be sold to a Charlottesville firm.
The auction, set for Dec. 2 at 11 a.m. on the steps of the Chesterfield County courthouse, would allow an entity controlled by the family of local hotelier PC Amin to have clear ownership to complete the sale of the course to Charlottesville developer Justin Beights and his new land conservation firm Renovo.
Amin’s LLC bought the note secured by the golf course in 2009, and he has since been slowly and carefully considering his options in a balance of appeasing neighbors’ concerns and his business concerns.
The foreclosure could be little more than a formality as part of the process to close the Renovo deal. But should that transaction fall through for some reason, the foreclosure would give Amin – a River’s Bend resident and former investor in the golf course – control of the property going forward.
A tee box on the River’s Bend sixth hole on a recent afternoon.
The foreclosure involves two parcels that encompass River’s Bend’s 225 acres at 11700 and 11929 Hogans Alley. Much of that acreage is riverfront property that sits across from Henricus Historical Park.
That location is partly what lured Renovo, which has proposed a business model of conserving much of the golf course’s land to generate returns from a variety of government programs that offer tax credits and deductions from conservation easements, stream restoration, wetland mitigation and nutrient credit creation.
A foreclosure will also relinquish control from longtime owner Ronnie Kelley, a veteran local golf course operator who hung on at River’s Bend in the face of the course’s financial struggles, the recession, a competitive local golf market and other factors.
Reached Monday, Kelley said he couldn’t comment on the current status of the deal or the foreclosure.
Beights, a UVA graduate with a background in real estate development, is also under contract to purchase Royal Virginian golf course in Goochland County. He said Monday the River’s Bend deal is likely to close by the end of the year.
Local attorneys Stephen Scarce and Trevor Reid of law firm Parker, Pollard, Wilton & Peaden are handling the River’s Bend foreclosure auction.