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Pebble Creek Owner Eyes Heritage Isles Golf Club

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By LAURA KINSLER | The Tampa Tribune

Published: August 13, 2008

HERITAGE ISLES - Pebble Creek Golf Club owner Bill Place says he is serious about wanting to buy the troubled golf club at nearby Heritage Isles.

Place wrote to the Heritage Isles Community Development District supervisors and plans to attend their Aug. 19 board meeting.

Place, who bought Pebble Creek three years ago and owns two local driving ranges, said his company wants to expand this year.

"I suggest purchase of the club due to the investment and long-term commitment that we offer," he wrote.

Heritage Isles is in the second year of a three-year management contract with Dempsey Resort Management, which also runs Saddlebrook Resort. But the club restaurant has always lost money and golf play has gone down this year.

The community is in danger of defaulting on its bonds.

Place converted the restaurant at Pebble Creek's golf club to an Irish pub, and he thinks a more casual atmosphere would be more successful at Heritage Isles. He also would invest in upgrades to the course.

"At Pebble Creek, we lost money the first two years and we planned for that because we made a lot of investment," he said. "Now, it's paying off. Pebble Creek is making a profit."

Place said Pebble Creek has about 100 members. Residents get discounted rates or two months free. "I think there are advantages in trying to offer dual memberships," he said. "And you have economies of scale."

District manager John Ricciardi said CDDs have the ability to sell their assets, but it doesn't happen very often. District supervisors have expressed interest in leasing the restaurant to a private vendor, but no decision has been reached.

Place said he and Ricciardi have spoken a few times, but they haven't discussed a purchase price.

"They only told me they have a $4 million bond and they understand the course and club is not worth that," he said. "They would have to get it reduced by the bond holders. That has to happen. Nobody would pay that kind of money in this market."

Any sale would not include residential amenities, such as a swimming pool, tennis courts or fitness center.

Reporter Laura Kinsler can be reached at (813) 865-4844 or lkinsler@tampatrib.com.

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