Bobby Ginn’s Cobblestone Park Operations Taken over by Linger Longer
Both Ginn employees and Cobblestone Park property owners and club members received notification emails yesterday.
Palm Coast, Florida – October 14, 2008 – Linger Longer Development Company, LLC the company that developed Reynolds Plantation, Reynolds Landing, and Achasta in Georgia has taken over operations of Ginn’s Cobblestone Park community near Columbia, SC according to communications received yesterday by Ginn employees and Cobblestone property owners. The takeover was confirmed by a Ginn Communication to me this morning.
Ginn-LA University Club, Ltd, LLLP, which owns Cobblestone Park is one of the many Ginn Company affiliates. Typically, Ginn and investment partner Lubert-Adler (the LA of Ginn-LA) form separate entities to own and develop each project. According to Ryan Julison, VP of corporate communication for Ginn, Cobblestone Park is the only project affected by the move. It is a management contract, not an ownership change.
Julison also said that he understood that some Ginn employees would be retained. From another source, I’ve learned that the Director of Golf was let go. Julison could not reply to questions about the possible affect the change might have on property owners’ association fees or club dues. Nor could he comment on the future of the private status of the golf club. He referred me to Linger Longer. As of this posting, I have had no reply.
Other Developments
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In a similar move, Ginn recently turned over development of The BriarRose community in Georgia to Atlanta-based developer PM Communities.
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As part of the ongoing Credit Suisse negotiations, Ginn has ceased sales activities at Laurelmor, Quail West, and Tesoro.
- The "Executive Team" page is not currently available on the Ginn Resorts website.
All changes seem to be aimed at cutting Ginn’s cash burn rate. It also keeps in play the rumor that Ginn is considering farming out his sales and marketing activities to an outside firm(s). There continue to be a plethora of rumors. Among them that the Quail West and Tesoro clubhouses had closed. Julison debunked these, saying "they just are not true."
Text of Ginn email to Cobblestone Park members:
As the real estate and credit markets have continued to tighten, The Ginn Companies, LLC has made a concerted effort to narrow our focus to our core business of resort development and management.
As a result, Ginn-LA University Club, Ltd., LLLP, the owner and developer of Cobblestone Park, began to search for a group with a proven track record in developing and managing private club communities that would complement the work that had been started over the past few years by The Ginn Companies, LLC.
We are pleased to announce that we have found an organization that can focus exclusively on managing and growing all facets of Cobblestone Park including development, sales, marketing construction and club operations.
Effective immediately, Linger Longer Development Company, LLC is now the managing agent of all community and club operations at Cobblestone Park. Linger Longer Development Company, LLC is the developer of Reynolds Plantation, Reynolds Landing and other holdings on Lake Oconee and elsewhere in Georgia. The company has an excellent reputation for creating outstanding master-planned private club communities.
We will work closely with Linger Longer Development Company, LLC to ensure a seamless transition considering the current turmoil in today’s real estate markets.
Day-to-day operations will be led by Mike Searles, who will oversee the entire community for Linger Longer Development Company, LLC. You may email Mike at michjsear@gmail.net. Note from Toby: This email is incorrect.
We are confident that Linger Longer will be successful in building on what was started by The Ginn Companies, LLC and will take the community to new heights.
Cordially,
Robert Gidel
President
Ginn Development Companies
President
Ginn Development Companies
Text of Ginn Press Release:
MANAGEMENT OF COBBLESTONE PARK TRANSITIONED TO LINGER LONGER DEVELOPMENT COMPANY
Blythewood, S. C. (October 14, 2008) – Management and operation of Cobblestone Park, a 750-acre gated golf course community in Columbia, S.C., was today transitioned from The Ginn Companies, LLC to Linger Longer Development Company, LLC.
In making the transition, Ginn-LA University Club, Ltd., LLLP, the owner and developer of Cobblestone Park, noted that The Ginn Companies has been making a concerted effort to focus on the management and operation of its resort communities around the country.
As the new managing entity, Linger Longer Development Company, LLC will be responsible for day-to-day management, sales, development and club operations at Cobblestone Park, a private golf club community that features a 27-hole golf course, resort-style amenity center and more than 800 home sites.
Linger Longer Development Company, LLC will manage and grow all facets of the development, sales, marketing, construction and club operations at Cobblestone Park which currently has about 100 homes and several more under construction.
Linger Longer Communities is the developer of Reynolds Plantation, Reynolds Landing and other holdings on Lake Oconee and throughout Georgia.
The Ginn Companies, LLC which manages resort communities throughout the U.S. and the Bahamas, acquired Cobblestone Park in 2004 and recently began construction on a $15 million clubhouse inside the residential community.
“We are pleased that a group with a proven track record in developing and managing communities like Cobblestone Park has been identified and we are confident that Linger Longer Development Company, LLC will be successful in building on what The Ginn Companies started to take this community to new heights.” said Rob Gidel, president and CEO of The Ginn Companies, LLC. “With the real estate and credit markets tightening, this move enables us to focus on the ongoing management and operation of our resort communities around the country.”
Day-to-day operations will be led by Mike Searles who will manage the community on behalf of Linger Longer Development Company. The Ginn Companies will work closely with Linger Longer Development Company to ensure a seamless transition. Linger Longer Development Company will handle all future inquiries regarding Cobblestone Park.
Cobblestone Park
Cobblestone Park is emerging as the Columbia area’s premier private golf club community in Blythewood, South Carolina about 25 minutes northeast of Columbia. The community features a state-of-the-art Amenity Center offering a fitness facility, large sports field, basketball and volleyball courts and a resort-style pool. The community also features a six-court tennis complex, neighborhood parks and 24-hour security. A $15 million clubhouse currently under construction is scheduled to open fall 2009.
Achasta, not Achasa
FWIW, it’s Achasta, not Achasa.
I don’t understand
Can anyone out there explain to me why Credit Suisse would extend a couple million more in loans to Ginn recently if they are just shutting down operations? According to the documents filed Ginn negotiated in excess of $2M more to be released as recently as September & October for Quail, Tesor, & Laurelmor.
I don’t pretend to play in the financial markets to this degree but it doesn’t make sense to me to extend that type of credit if they are just going to shut the doors.
Any insight????
Lend more to loose less
The bankers have two choices to foreclose or lend more. They released part of the properties that were part of the blanket mortgage so Ginn could sell them and get cash. They took the lent money as payment for the outstanding interest due and future interest. That allows Ginn time to liquidate the released assets which probably are part of the Auction that Sterling-Sotherby will have on the 25th.Then more rumors are that Ginn is giving and equity position to lenders on other assets including the Bahammas properties. The lenders will be loosing to much to try to foreclose as the value is in the completion of the properties developement so sales can resume. It’s just like anyone buying stock and then watching it go down and not wanting to take the loss by holding out for a recovery.
Ginn’s Cobblestone Park Operations Taken over by L
Reynolds buys Cobblestone Park
Reply to George
The Stirling Sotheby auction does not include any Ginn owned property. All properties are owned by individuals or lenders.