Three months after a deal to sell one of the largest properties in Germantown to an Arizona-based developer fell apart, the future of the country club remains hazy.
Despite the financial uncertainty wrought by the COVID-19 pandemic, single-family housing remains in short supply and high demand across Shelby County. Land is very valuable for developers looking to build single-family homes. Tracey Jamison, manager of residential sales for Albright Investments, says she wouldn’t be surprised if the property sold quickly.
Open, developable space is in short supply across the county, particularly in Germantown. While a significant portion of the 180-acre Germantown Country Club is in a flood zone, the land could be used as open space or park space, both of which are desirable for home buyers looking in planned subdivisions.
The club is situated in a quiet residential area but close to the interstate, giving quick access to other parts of the metro area. And the property, nestled between Wolf River and Farmington boulevards, is still the largest chunk of land available for single-family home development in the city.
Mayor Mike Palazzolo said city officials had spoken with the property’s trustee around the time Millennium Companies officials announced they would not move forward with plans to buy the golf club. Palazzolo said the city’s bid on the property remained on the table but city officials had not spoken with the trustee since that conversation.
Should the city administration look to move forward with a future purchase of the club, the buy would have to be approved by the Germantown Board of Mayor and Aldermen.
Ongoing discussions about the current fiscal year budget — the previous fiscal year’s budget was extended into the current year to give city officials more time to assess the pandemic’s financial impact — include sweeping budget cuts to offset anticipated revenue dips.
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