Former Park Hill Golf Course Property Sells for $24 Million
Westside Investment Partners purchased the 155-acre property from the George W. Clayton Trust
The George W. Clayton Trust, managed by Clayton Early Learning, and Westside Investment Partners completed the sale of the former Park Hill Golf Course property. The Denver-based investment firm purchased the 155-acre property from Clayton for $24 million.
Westside's first priority as the new owner of the property is to launch an extensive community listening tour to hear directly from stakeholders.
“We are looking forward to engage in specific, thoughtful conversations with the community to hear their opinions about the need for open space and recreation, affordable and diverse housing options for existing and new residents, and neighborhood services to enhance the existing community,” says Andrew R. Klein, principal of Westside Investment Partners.
As an asset of the Clayton Trust, the property had been the source of significant annual income for the early childhood education work of Clayton Early Learning, through a lease to operate the golf course. As average annual golf revenues declined in recent years jeopardizing the long-term sustainability of future rental income, Clayton began to engage the neighboring community in strategic conversations to determine the best path forward.
The golf course closed at the end of 2018 due to the City’s Platte to Park Hill project, for which the City filed a permanent 25-acre storm water detention easement, as well as a temporary construction easement. The project is impacting a total of approximately 60 acres of the land and is projected for completion in late 2019.
“Clayton has always been clear about our need to steward this asset for the long-term financial sustainability of our programs benefiting the thousands of children we serve, and to do so with respect and regard for the community in which we operate,” says Charlotte Brantley, a representative of Clayton Early Learning. “Toward that end, we spent nearly two years in an active and thorough community visioning process. The team at Westside has fully acknowledged our process and is committed to thoughtfully considering the potential of the property with the very best interests of the community and the future of Denver at heart.”
Clayton’s extensive community outreach included monthly meetings with a citizen’s advisory committee, more than 30 one-on-one and small group meetings, three community forums, four community roundtable discussions and an open house.
In addition, nearly 750 individuals from the neighboring community responded to a comprehensive survey about their preferences for the site’s future. The survey results suggest that a large majority believe there is a better use for the land in the future. Two-thirds of respondents indicated that they had not used any of the amenities available on the Park Hill Golf Course property in the past two years; and 87% of respondents indicated support for different uses, other than golf, for some or all of the property. Specific alternative uses for the property suggested by members of the community include some useable public open space, affordable and multi-generational housing, broader recreation opportunities, and neighborhood services and amenities such as grocery and other retail.
About Westside Investment Partners
Westside Investment Partners is a Denver-based investment group with significant experience in commercial real estate acquisition, development, and management in Colorado, Arizona, Nevada, and Texas. Since 1999, the company has successfully acquired, developed, and sold more than $2 billion worth of assets in the Western region of the United States in a diverse array of asset classes, including raw land, office buildings, multi-family assets and mixed-use developments.
About the George W Clayton Trust and Park Hill Golf Course
The George W. Clayton Trust has owned the 155 acres on which the Park Hill Golf Course operated since the Trust was established in 1899. The City and County of Denver was the initial Trustee of the George W. Clayton Trust from 1899-1984; Clayton Early Learning was named as Trustee in 1985. The City built the Park Hill Golf Course in the mid-1920s; prior to that the land was used as a dairy farm.
About Clayton Early Learning
Clayton Early Learning, a 501(c)(3), is Colorado’s leading catalyst in providing early care and education to ensure optimal development for all children, especially those of limited opportunities. We harness the synergy of four dynamic initiatives – classroom and family-centered practices in our school, research and program evaluation, professional development of teachers and leaders, and effective policy advocacy – to spark improved early care and education approaches statewide in collaboration with other public and private entities.