Golf Courses Join the Experiential Real Estate Revolution

From multifamily and office to retail, every asset class this cycle has evolved to meet changing consumer needs, and golf courses are no exception. Golf courses across the country are shuttering, but it isn’t because people stopped playing golf. Rather, they are playing golf differently than the traditional and often strict golf-course experience of year’s past. Millennium Cos. is stepping up to revive and revamp failing golf courses by providing a better, more accessible experience.

“Golf is not sustainable in its current form on the course. We also recognized that there wasn’t a solution that was a win-win for owners and golfers. People have been really quick to say that gold as a sport is declining,” Bob Hobbs, Jr., CEO of Millennium Cos., tells GlobeSt.com. “I don’t believe that. I think the sport is doing fine, but the format is changing. We don’t believe it is a solution to put a facelift on a golf course. We feel there is an opportunity to embrace the sport and help provide a new format that is more inclusive, faster to play and built around entertainment and family.”

His new golf courses are community entertainment hubs with communal spaces, entertainment and dining options built around a course with options. This might mean that customers might practice on a putting field, play a full course or only part of it. The idea is to deconstruct the game to build in flexibility and invite a broader range of players, both in terms of age and skill level. “Gone are the days of traditional, stuffy pro-shops and clubhouses,” adds Hobbs. “We do not believe that is the best use for the property. We are bringing and indoor-outdoor, high-energy dining and entertaining property where people can mingle and hangout. This serves as a central hub for the golf product as well. It is a much more relaxed experience.”