Orender's Hampton Golf taking over Mill Cove at Craig Airport

Oct 28, 2013
Ashley Gurbal Kritzer - Reporter
Jacksonville Business Journal

MG Orender, president of Hampton Golf Inc., has signed a deal with Jacksonville Aviation Authority to lease and overhaul Mill Cove Golf Club near Craig Airport.
MG Orender is bringing his signature efficiency overhauls to one of Jacksonville’s signature greens: Mill Cove Golf Club, adjacent to Craig Airport in Arlington.
The Jacksonville Aviation Authority on Monday approved a 10-year lease with Orender’s Hampton Golf Inc., which is planning to invest $1 million in upgrades to the course over the first 18 months of the lease term.
“It’s got good bones,” Orender said. “I really like the location, and people like it. Even though it has been in less-than-decent shape for the last few years, it still has a very loyal following.”
Orender said he will close the course for eight to nine months for the renovations. He said he plans to reopen the golf course in July with a new name, though he’s not yet disclosing it.
Orender’s rent is based on monthly gross revenues, as is typical for JAA leases.
For the first seven years of the 10-year lease, the deal is rent free as long as annual gross revenue is less than $1.2 million. For the later three years of the lease, rent would be 5 percent if annual gross revenue is between $600,000 and $1.2 million.
For all years, rent would be 7 percent if revenue is between $1.2 million and $1.8 million and 10 percent if revenue is over $1.8 million.
“Obviously, we’re excited for the potential for improvements out there,” JAA spokesman Michael Stewart said, “and for the additional revenue to the authority as the improvements attract more golfers to the area.”
Orender founded Hampton Golf Inc. in 2008 to pursue under-performing golf clubs, managing some and owning and operating others. In late 2012, he was snapping them up for less than 10 percent of what they cost to build in the early 2000s.
“Things have been slow here in Jacksonville, but we have deep roots in Jacksonville,” Orender said, "and a lot of faith in Jacksonville long term.”

Source: http://bit.ly/1934F9r


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