'Extraordinary' Luxury Golf Community Coming to Brooksville, FL
VICI Properties will fund Cabot’s property-wide transformation of Cabot Citrus Farms.
Looking to “set the stage for unforgettable experiences in extraordinary places,” experiential REIT VICI Properties will fund Cabot’s property-wide transformation of Cabot Citrus Farms in Brooksville, Fla., into a destination golf resort and community, Cabot’s co-founder and CEO Ben Cowan-Dewar announced this week.
The development includes a new clubhouse, luxury lodging, health and wellness facilities and a vibrant village center. Brooksville is due west from Orlando, about 50 miles from the Gulf Coast.
Future of Cabot Citrus Farms has entered into a delayed draw term loan facility for up to $120 million and a purchase and sale agreement with Cabot, a developer, owner and operator of destination golf resorts and communities.
Course Model ‘Can Work Anywhere’
Tom Kirschbraun, managing director, land group co-leader with JLL Capital Markets, tells GlobeSt.com “Clearly, there is appetite and demand for more immersive golf destinations where golfers can spend several days playing different courses.”
Michael Keiser proved it could work virtually anywhere when he established Bandon Dunes (Oregon), 250 miles from the nearest major airport, Kirschbraun said.
“He is duplicating that concept at Sand Valley in Wisconsin and Herb Kohler has done much the same with his Destination Kohler courses,” Kirschbraun said. “The keys to success involve creating sufficient variety among the courses to keep golfers engaged and to provide sufficient auxiliary hospitality amenities.”
Community Expected to Open in 2023
Cabot Citrus Farms will be the first American property in Cabot’s collection of luxury golf and master-planned communities and is expected to open in 2023.
In what is Cabot Citrus Farms transaction marks the first transaction in the broader Cabot-VICI investment partnership, pursuant to the purchase and sale agreement, VICI will convert a portion of the loan facility into the ownership of certain Cabot Citrus Farms real estate assets and simultaneously enter into a triple-net lease with Cabot that has an initial term of 25 years, with five 5-year tenant renewal options.