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There
have been rumors for a number of years,
but last week Joe R. Young, the owner of
Wake Forest Golf and Country Club, made
it official. He plans to sell the golf
course to Centex Homes.
Young sent a letter to the
golf club members dated Feb. 1. In it he
said he intends to sign a contract with
Centex but the due diligence process
will probably last for 10 months. The
semi-private club will remain open
during that time.
Centex plans to build homes
in the $700,000 to $1 million price
range on what Young said would be
“generous lot sizes.”
The company will have 160
acres fronting on Capital Boulevard,
land that Wake County values at $3.8
million with the clubhouse and pool.
The land is in the Falls
Lake watershed and some of it is in the
Horse Creek floodplain and subject to
flooding.
There are six subdivisions
clustered around the course, and in
Country Club Downs Hogan Drive lies
between two greens.
The course is zoned R-15
(minimum lots of 15,000 square feet),
and is in town limits. Three of the
subdivisions – Riverstone, Fairway
Villas and Country Club Downs – are also
in town and have water and sewer.
Under arrangements Young has
made, club members will be able to
transfer their memberships to Wildwood
Green Golf Club on Creedmoor Road
without having to pay another initiation
fee. Members who have joined in the last
five years and do not choose to transfer
their memberships to Wildwood will have
their initiation fees refunded.
Four families built the golf
course in 1967 on land that had been
owned by Diazit Corporation. They sold
the course to Young in 1984. |
