Shopping center developer and manager Visconsi Cos. Ltd., made the most recent offer for the private Lyndhurst, Ohio club, which has seen developers vying for its property for decades.
Following months of talk about a potential deal with a shopping center developer, shareholders at Acacia Country Club in Lyndhurst, Ohio rejected a $12 million purchase offer, The (Cleveland) Plain Dealer reported.
Visconsi Cos. Ltd., based in Pepper Pike, Ohio, offered $11 million for the club’s land earlier this year, with up to $3 million more depending on zoning changes and public financing.
The shopping center developer and manager revised its terms after a March vote that saw one voter withdraw his proxy and vote against the measure. Visconsi then offered $12 million with $2 million in contingency payments with plans to pay Acacia two installments one year apart, the Plain Dealer reported.
The sale required approval by members who hold two-thirds of the club’s outstanding shares, but the proposal received only 63 percent of the vote, said club President Charles Longo, the Plain Dealer reported.
The private club has nearly 160 acres of green space and has been sought after by developers for decades, the Plain Dealer reported. A mall, shopping center and residential area surround the Donald Ross-designed golf course.
“The board has to evaluate the prospects of continuing as a viable entity and what it’s going to cost the shareholders,” Longo said. “The attrition rate of members is going to have to be factored in. It’s becoming financially more stressful.”