The Cliffs project turns to residents for cash
Monday, March 29, 2010
The Cliffs at High Carolina – home to Tiger Woods’ first U.S. course design project – plans to borrow up to $100 million from its residents and neighbors to continue construction, according to The New York Times.
The recession and subsequent slowdown in home sales pushed the project off schedule. Initially, the golf course – a 7,300-yard design to be built with views of the Blue Ridge Mountains – was scheduled to open in fall of 2011. The Times, in its March 28 story, reported the facility now is expected to open in spring 2012.
In January, Golfweek reported the development, which features 1,200 planned home sites, had sold 29 lots as of September 2009. The Times revised that figure, saying still fewer than 40 have been sold.
The Cliffs represents just the third project undertaken by Tiger Woods Design. His firm’s other ventures are Punta Brava, near Ensenada, Mexico, and a major development in Dubai, United Arab Emirates.
Though Woods’ reputation has been battered amid disclosures of infidelity, his selection for the project is being supported by residents and Jim Anthony, founder and chief executive of the Cliffs Communities.
Anthony told The Times that Woods had visited the course site more than a half-dozen times and modified the design more than two dozen times. Anthony also said about three-quarters of the timber had been removed from the course, and his company is seeking various permits, including those that would allow building on wetlands.
Anthony and his group has asked 2,400 members in the various Cliffs communities for money to continue working on common-area construction. According to The Times, participants must lend a minimum of $100,000; the seven-year notes pay 12 percent interest annually.