$6 Mil Clubhouse Credited with Triggering Sales Surge at Daytona Beach Golf-Course Project

The Ladies Professional Golf Association's tournaments are associated with LPGA International.

With six million sf of commercial, office and light industrial space still on the drawing boards, Renar had to kick-start its residential component in mid-2000 when the late sales effort formally started. For the first three months, the developer posted $1.6 million on 12 contracts for an average $133,333 per sale.

But when the clubhouse opened in the fourth quarter, 31 sales valued at $5.4 million or an average $174,193 per home went up on the board. Renar finished its first six months of marketing with volume of $7 million on 43 units at an average $162,790 per unit.

"The clubhouse had been the missing ingredient in our sales efforts and now that it's here in place for our residents, we anticipate a significant jump in our sales numbers," LPGA International president Joe Matarazzo tells GlobeSt.com.

In fact, the developer is projecting total 2001 sales of about $26 million on 150 units and 2002 sales of about $42 million on 240 sales based on current average home prices of $175,000.

"We had been selling about 10 homes a month," Matarazzo says. "We now expect to double those numbers and that's a conservative projection."

He is confident the new clubhouse will complement the community's two world-class championship golf courses. "Those are tremendous selling points," Matarazzo says.

The clubhouse offers Knickers Bar & Grill, open to the public; a 3,000-sf pro shop; a 150-seat banquet hall; and on-site catering capability.

A starting construction date for the commercial, office and light industrial component of the venture is being determined. LPGA International is on LPGA International Boulevard, about one-quarter mile west of Exit 87C on Interstate 95 in Daytona Beach.