Well-known Dallas developer Bill Cawley has lured Greg Smith from the Gleneagles Country Club in Plano to lead a new subsidiary, Cawley Golf Inc., which bagged its first deed two years ago in Tyler, 100 miles east of Dallas. Cawley, chairman and CEO, tells GlobeSt.com that the plan is to acquire three to five more distressed golf courses with abutting land for complementary retail, commercial and residential projects in the next 18 to 24 months.

"Just as many asset classes are depressed, so are golf courses," Cawley says. "We're taking our talent in our company and redirecting it to where there's good opportunity." There will be no one-off golf course buys; all prospective acquisitions must have abutting land primed for development. And while he's not holding any contracts, Cawley says talks have begun for properties in Austin, TX, Hilton Head, NC and a couple holdings in Florida.

Two years ago, Cawley set out to buy neighboring acreage to the Briarwood Country Club in Tyler and ended up buying the land, the course and the beginning of a plan for the Cascades Golf Club. "I was making decisions on a daily basis about golf," says the veteran developer, "and I wasn't sure if they were right or not." The first nine holes have been upgraded and work begins Monday on the final nine.

Cawley's new hire, Smith, is a member of the PGA of America who spent six years as head golf professional at the prestigious Barton Creek Resort and Country Club in Austin. "Because of his credentials, Smith was hired to raise the level of the golf experience at Cascade and use it as a model for future projects," Cawley said in a press release.

Cawley and partner Lew Anderton, who have a 430-acre, lakefront stake in Tyler, recently sold 3.8 acres to an Atlanta high-rise condo developer for a 13-story project. The acreage breakdown has 243 acres dedicated to single-family development, including zero-lot line dwellings, and 58 acres for multifamily and office projects. The Cascades' master plan includes a marina, tennis courts, state-of-the-art practice facility and new clubhouse.