That is the “64 dollar” question and to help arrive at the answer here are some facts: Gee’s corporation (Bixby Village Golf Course, Inc.) paid $4 million in June of 2006 for The Lakes at Ahwatukee. The course contains approximately 100 acres. So the cost per acre was $40,000.

As a potential comparable the Kyrene Elementary School District Governing Board just approved the sale of about 11 acres at 13th Avenue and Chandler Boulevard near Club West to Rosewood Homes for $4.25 million.

The cost per acre on the pending sale equates to $386,000. That is over nine times higher per acre than what The Lakes Golf Course was sold for in 2006.

Word on the street is that Pulte might be paying in the $100,000 per acre range for The Lakes Golf Course — which would still give them a hefty gross margin to pivot from on their proposed development.

Maybe that helps explain why Pulte is willing to spend $1 million to upgrade the Ahwatukee Golf Course Club facilities “IF” the CC&R’s are modified. Looks like it might be “Green Jacket” time for Gee and Pulte!

Like the old saying goes; “Follow the money.”

Jim Jochim

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