The deal between the park system and the Conservation Fund to acquire what will now be known as the “Acacia Reservation” in Lyndhurst, Ohio, closed on December 7. The Arlington, Va.-based non-profit Conservation Fund bought the 155-acre property for $14.75 million earlier this year and then turned it over to the park system.
The Conservation Fund bought the Lyndhurst, Ohio property for $14.75 million and donated the 155-acre course to the park system. Deed restrictions ensure the property will remain a green space in perpetuity, so development possibilities include popular all-purpose trails, bird watching, bike riding and aquatic elements not limited to fishing.
After entertaining multiple offers from private developers, the Lyndhurst, Ohio club agreed to sell the property for $14.75 million to the nonprofit group, which intends to impose deed restrictions to limit development and maintain a green space. The city offered to buy the property last month for $16 million, with the hope of developing the area and generating tax revenue.
The bid comes a week after the Conservation Fund’s $14.75 million offer for the property, which would maintain the 160-acre, Lyndhurst, Ohio club as a greenspace. The city looks to work with a developer if granted the project to create “a balance of greenspace, retail, housing and commercial.”
The Lyndhurst, Ohio club has entertained offers from various developers, including one for $16.5 million, but the Board of Directors selected the non-profit preservation group over other competing bids. Shareholders will vote on the deal Sept. 6.
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.
Ruling rejected developer Joseph Aveni’s effort to rescind a 2005 purchase of club land and recoup money spent on a stalled residential project.
Shareholders at Acacia Country Club, Lyndhurst, Ohio, overwhelmingly rejected a $10 million offer for the 160-acre golf course this week, reports Cleveland’s The Plain Dealer. The club held a special shareholders meeting to tally votes on the offer from GC Acquisition I LLC. The would-be buyer, who entered a purchase agreement with Acacia’s board earlier this year, was owned [...]
June 18, 2013
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June 18, 2013 | 0 comments
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