Re-Development and Tax-Increment-Financing
Dogwood Hills Golf Resort
In 1962, the Dogwood Hills Golf Course Resort opened to the public along the beautiful and massive Lake of the Ozarks in Missouri. After years of success, the owners noticed an increase in tourism as well as strong growth in the local economy and they became curious about the financial potential and feasibility for redevelopment. THK Associates, Inc. was hired to create a market feasibility and highest and best use study of the Dogwood Hills subject site, and to determine the re-development potential for a mixed-use product.
The study included projections of space demand and absorption for each real estate product over the next decade and included a detailed inventory of supply in the local environs.
A determination of the product types to develop was further supported by extensive conversations, interactions and community involvement with the public. The Owner sought to include public financing as a source of investment. THK used land values and lease rates in order to determine the property value today, as compared to the property value assuming the proposed development were to be built. Furthermore, mill levies and tax rates in conjunction with values helped the Owner to determine the taxes paid today as compared to the property taxes to be paid on the property assuming the proposed development were to be built. A portion of the proposed increase in taxes that the proposed development was projected to bring into the local municipality was then used to help finance the 226-acre Dogwood Hills Golf Resort redevelopment.
The former 18-hole public golf course was proposed to include 90 hotel rooms, 231 independent living units, 90 assisted living units, 80 nursing home units, 222 apartment units, 480,000 square feet of retail space and 280,000 s.f. of office space. THK provided golf course feasibility research to determine appropriate development timelines, costs, absorption and financial projections.
Featured Project: Frost Creek Golf Resort
THK was hired to establish the market potential for completing the acquisition and development of Adam’s Rib Ranch, which involved a financial feasibility study to determine housing and golf demand in the trade area over the next decade.
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