When the principals in Glenmark Holding LLC purchased Quail Creek Golf Club from GGG of Myrtle Beach in October 2004 through the created company Chestnut Holding LLC, they considered building housing. ``As a buyer of the course at that time during a housing boom, we looked into a housing development,'' principal course owner Mark Nesselroad said Monday.
Then they learned Coastal Carolina University might be interested in the layout as a valuable amenity and attraction for its PGA Golf Management Program. An easement requiring the land remain green space in perpetuity was placed on the 175 acres, and a lease was negotiated with CCU that could have been extended to 15 years. Whether the owners knew the housing market would tank or not, they may have saved themselves some aggravation and helped the university in the process.
The course owners and CCU officials have negotiated a deal in which the school will take over ownership of the course early next year, pending approval of some state bodies, for the remaining debt, which Nesselroad said is less than $3 million.
``We're making a donation to the university subject to the indebtedness,'' Nesselroad said. ``We felt at some point in time it would be an appropriate donation to the university. It had been in our thoughts and based on where we are with other things it would make sense to do that this coming year.''
Nesselroad estimates the value of the donation is between $800,000 and $1 million. "It's a substantial donation to the university," he said.