New OCM Golf Course Design in Minnesota to Have $100K Initiation Fee
Australian OCM Golf Course Design, that was awarded a master planning engagement in 2020 at Medinah (Ill.) Country Club is now involved with plans for an exclusive 18-hole golf resort about 10 miles north of Willmar, Minnesota.
OCM expects the project to cost $21 million, the Business Journal reported, broken down as follows:
- $7.5 million for golf course construction
- $7 million for construction and related expenses for roughly 40 lodging rooms
- $1.6 million for the clubhouse and surrounding area
- $1.2 million to acquire the roughly 190 acres
- $900,000 in design fees.
The initiation fee to the facility, which will be called the Teptonka Club, will be US$100,000, the Business Journal reported. The buy-in will earn 1% equity in the club, which members can then sell at market prices, less a US$5,000 fee paid back to the club.
There won’t be monthly dues, but instead a US$25,000 annual fee starting in May 2024, when the course is slated to open. Food and beverage will be included in those fees.
The project encompasses about 190 acres and will be quasi-private. Each membership will come with 100 days of golf annually and can include up to four people.
Details on the club’s course, its difficulty level and length are still undecided, the Business Journal reported. The course won’t have traditional tee boxes and instead will let golfers more or less choose where they play from. Only 90 golfers will be allowed on the course each day, and rounds are expected to take about 3.5 hours — less than the typical four-plus hour rounds.
Membership in the Teptonka club will be by invitation only and interested parties are already inquiring about getting in, the Business Journal reported. The club’s backers are looking to raise $14 million from the first 100 memberships.
Source: Club Resort Business
