Northshore Conifer posted on May 11, 2010 11:30
Bedico Creek Preserve, LLC, a development partnership headed by David Waltemath, last week purchased the 937-acre former Bedico Creek Golf & Country Club from the FDIC for an undisclosed
amount. According to Waltemath, clean up and improvements will start immediately and be completed this fall. “We are anxious to turn this neighborhood around and reposition it in the marketplace”. It is a new beginning for Bedico Creek now in the capable hands of a local developer with a proven track record of successful developments. “Our partnership is conservative, realistic, well funded and we have staying power. All the
reasons for the failure of the previous developer have been eliminated”, said Waltemath. The property was purchased for all cash with zero bank debt.
When asked about the golf course, Waltemath replied, ” There will be no golf course. The reasons are simple: feasibility and desirability. Economically, here and nationwide, golf courses are losing money and closing. The number of rounds necessary per year to maintain a golf course is huge and unreachable but for a few courses and therefore it is not a feasible operation. Ironically, 80% of golf course homeowners do not play golf. Better to have well maintained green space that provides an amenity that all homeowners within a neighborhood can enjoy. Other amenities such as abundant green space, parks, bike and walking paths, and lakes are far more popular and affordable. In fact, nationwide, parks and trails are consistently on top of the desirability list of
homeowners”.
“We hired Charles Caplinger, a world-class land designer, to guide us with current and future development of land use and neighborhood amenities”, said Waltemath. According to Caplinger’s immediate plan, Bedico Creek will have a series of neighborhood enclaves with homes priced from the high $200’s to $1 million + and will feature a privacy-gated entrance, acres of parks and lakes, miles of walking trails all within the 200 acre footprint of the abandoned golf envelope. This is in addition to a 300+ acre conservation area that surrounds and protects Bedico Creek from the outside world. According to the developer, careful attention to preserving natural resources, such as trees and natural flora and fauna will add to the overall success of the neighborhood. “We feel people want to come home to a sanctuary not just another typical subdivision, so we're taking great care to retain the natural beauty and serenity of this property. More than 50% of Bedico Creek will be green space that all residents enjoy, and that’s unmatched by any other neighborhood in the state”, said Waltemath.