Folks are chattering about the recent River Valley Ranch (RVR) golf club sale, and wondering what it means for the future of the club and the surrounding RVR community, annexed as part of municipal Carbondale in 1994, and the townspeople at large.
The listing price for the golf club was $24.5 million, but according to the Garfield County Assessor’s website, the sale price was $8.4 million to the grantee, Carbondale Golf, LLC. The Colorado Secretary of State website lists the same address in Miami associated with 8K Capitol, one of the acquiring partners, for the new LLC.
The Sopris Sun caught up with CEO Michael Diaz of Palm Tree Crew, another acquiring partner, to glean some of what the community might expect. His responses were received by email.
Palm Tree Crew partnered with both Major Food Group and 8K Capital, and this is the first time the three have worked together on a project. Palm Tree Crew did not disclose investment percentages between the three.
“What we can say is that all three partners have meaningful skin in the game,” Diaz told The Sun.
It’s also the first time Palm Tree Crew has invested in a golf club, but its bread and butter is hospitality, according to Diaz.
“Our platform includes Palm Tree music festivals and hospitality concepts in destinations such as Aspen, the Hamptons, St. Barth, Napa Valley, Miami, Orlando and Kansas City,” he said, including the annual Palm Tree Music Festival in Aspen, going on its fifth year.
When asked what drove the company’s interest in the area, Diaz said, in part, “We were drawn to the property’s incredible setting, strong community, and the opportunity to preserve and enhance an already special club. Aspen is a community we have long been close to, so this felt like a natural way to deepen that commitment while furthering our investment in golf.”
“While neither founder has long-standing personal ties to Carbondale, our partner, Alex Levin of 8K Capital, has deep ties to the area and has been instrumental in introducing us to the community,” Diaz added. He noted that the music festival in Aspen helped develop “a meaningful connection to the Roaring Fork Valley.”
Because it’s still quite early on, the company isn’t “in a position to share specifics about future operations or potential changes,” Diaz said. As far as the golf club’s current pay-to-play model, he said that they are not yet ready to discuss membership structure, public access or pricing, but that “it will be in accordance with local regulations.”
Carbondale Town Manager Ryan Hyland pointed out that the original agreement between the Town and the golf club, driving range and clubhouse requires public access.
Hyland said that the extent of communication between the Town and the new owners so far has occurred through legal counsel, including the Town approving the transfer of a water rights operation agreement to the new owners in April, and the Town providing an “estoppel letter as required by the [1996] Subdivision Improvement Agreement.”
Hyland noted that the Town has not received any proposals for substantial changes, but that the golf course and driving range are not zoned for additional development. A proposed zoning change would first have to be approved by the majority of property owners in RVR before an application is filed, he added.
With world-renowned DJ Kygo being a founding partner of Palm Tree Crew, it doesn’t come as a surprise that “music and culture are central to [its] identity,” as Diaz put it. He added that they’re excited about such opportunities in the future, but don’t have any DJ sets planned and ready to announce.
Hyland noted that “Any concerts or events that could have public impacts would require applications for special event permits to be reviewed by the Town of Carbondale staff and elected officials.”
When asked if kids will still be allowed to sled on the hill at the far end of the driving range during wintertime, Diaz said, “We love hearing about traditions like that. We’re still evaluating winter operations and policies, so we can’t make any commitments today. That said, we appreciate the role the club has played in the community and will certainly keep those traditions in mind as we make future plans.”
A statement from the RVR Master Association noted that RVR is a diverse community, and residents, of course, have varying hopes and concerns. The new ownership team has reached out “and are eager to communicate and partner with the HOA, and its homeowners,” according to the statement. The statement noted that the previous management team is still currently in place and that the “Master Association has always had an outstanding relationship with them.”
“We understand that a project like this is about more than the property itself; it’s about being part of a community,” Diaz concluded. “We’re focused on building strong relationships with local leaders, residents and stakeholders, and we look forward to continuing an open dialogue as we move forward.”
What are your hopes or concerns regarding the River Valley Ranch golf club’s change of ownership? Chime in on the conversation on the Community Hub.