– You might not recognize HIC Investment Company LP by name, but they are the owners of the Lakeridge Tennis Club. They have received a Notice of Default (click Log In tab) for missing the 1 December 2014 payment on their $10,700,000 deed of trust. HIC is also in default with the Secretary of State and does not have a current business license.
Lakeridge Tennis Club sits on a prime 9.25 acre site at the corner of McCarran and Plumas. If rezoned MF30, the site could accommodate 275 units – more if the City allows greater density, which I think they will. I think the days of tennis being played on the site are limited.
– The purchase of the land and water rights beneath the Somersett Golf and Country Club closed escrow last week for $2.75M. The Somersett Owners Association are now “protected” if SGCC fails financially. Before you get in on the dead pool on when exactly that will be, consider this: SOA has the Right of First Refusal to purchase the clubhouse site (club-tent). For the first 5 years, SOA can purchase the property for 50% of any bona fide 3rd party offer. After 5 years, SOA must match the offer 100%. The property has a lot of encumbrances, but could easily take 10-12 new houses if zoned SF6 like the adjoining properties or hundred of units if rezoned MF – it is worth $1M+ as a development play. The club-tent property is NOT part of the Somersett PUD, and Reno would gladly increase the density of a property already adequately provided with City services. It will be interesting to see if SGCC makes any significant capital improvements, or takes a line of credit encumbering the property to cover operating loses. I dib 26 February 2020 for the day the club fails.
– Over at ArrowCreek, there seems to be an at least temporary cease-fire in place. The golf course owners are trying to stay a private club with a membership drive. The proposed sale to the ArrowCreek Homeowners Association is on hold. I’m sure my friends over at ArrowCreek411 will chime in with their take on the current situation, but the opposition to the proposed sale to the HOA was overwhelming. Somersett has water and no clubhouse. ArrowCreek has a clubhouse needing a lot of work and no water. Both Clubs are shouting the mantra “a green golf course adds to your property values”, when in fact it is the open space that adds value – not the golf course. All in all, I think Somersett Golf and Country Club has a better chance of survival than ArrowCreek does.