Slokker Homes is inviting Chestermere residents to an online information session regarding the future of the Lakeside Golf Club, and the results of the MNP Economic Assessment Report.
With the collaboration of Slokker Homes and the current administration of the Lakeside Golf Club, information of the last five financial years was collected and submitted to MNP.
“MNP has done other feasibility studies for golf courses, and that is why they were the most qualified to provide this report in the Calgary area,” said the President and CEO of Slokker Homes, Peter Paauw.
To complete the Economic Assessment Report of the Lakeside Golf Club, MNP reviewed the golf industry overall, the golf industry in the Calgary metropolitan area, the Lakeside Golf Club operational numbers, and the golf course itself.
“On that benchmark alone, the golf course is operating very poorly. The study identified an annual revenue shortfall of about 32 per cent on an annual basis, which roughly equates to $800,000 per year. On top of that, the golf course is behind on critical maintenance of almost 3 million,” Paauw said.
“The hole is too big, 32 per cent revenue in order to break even is just too big of a hole, especially considering there are 52 other golf courses in the close-by area. There is no room to increase the annual membership, to increase the green fees, or to increase the food and beverage with that revenue number,” he said.
For Slokker Homes, it was important to complete the Economic Assessment Report of the Lakeside Golf Club, as they want to be transparent.
“The obvious questions will be, why is the golf course not being sold, why doesn’t it continue as an operating golf course, a study like this makes the financial feasibility question crystal clear,” Paauw said.
Adding, “For Chestermere at large, it is very clear that the golf course is operating at an unsustainable financial loss on an annual basis. In the long-term, it will for sure have to close down.”
Although Slokker Homes has not yet submitted an official development proposal to Chestermere City Council, Paauw and the Slokker Homes team are working on showing the vision of the development.
“As a development proposal we think we have a very compelling vision that we will want to work in further cooperation with the citizens of Chestermere,” Paauw said.
The development proposal will feature low-density housing, a buffer between the new development and existing homes, and green space.
“We think Chestermere can become a leader in the sense of bike-orientated development, and the golf course can connect the pathways. It’s a compelling economic alternative, it will make Chestermere more diverse and economically help out,” Paauw said.
Adding, “We understand some people will be highly disappointed, and there are a few avid golfers that will be highly upset, but we will offer a very compelling and attractive offer that will make Chestermere a better city.”
For more information, or to register for the Slokker Homes information sessions on March 9, and March 11 visit, https://www.lakesidefuture.com/lakeside-future/info-session.