Project Development

Real Estate Partner Steve Lurie shared valuable insights with Law360 on the University of Minnesota’s decision to sell its golf course and explained why many universities have made, or are considering, similar moves.

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"There are all kinds of reasons that any seller would sell, and then particularly for a university in terms of the trend, it's not one reason. Each university is coming to its own conclusion as to why it makes sense to sell," said Steven Lurie of Greenberg Glusker LLP.

"In some cases, I would say the golf course is not part of the university's mission," Lurie added. "They may need cash. Just a practical decision. In other cases, they may need the land for other purposes. Additional housing. Educational facilities. Other facilities. The amount of money and effort to keep a golf course running, it's a lot."

"Before the pandemic, there was a real oversupply of golf courses," Lurie of Greenberg Glusker said. "Analogizing to universities, ... based on what it costs to upkeep and the amount of land that's available for other purposes, ... in some cases, the course has more value as an alternate use than as a golf course."

"In some cases, it's an opportune time to sell," he added. "Golf has done well since the pandemic."