Pistol Creek Golf Course (Middletown and Berlin CT)

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An affiliate of the Krame Development Company acquired an active 165+/- acre 18-hole golf course, along with a two-story clubhouse measuring approximately 12,000 square feet. The initial concept was to build 158 upscale townhomes and 17 single-family estate homes along with a nine hole executive golf course along the perimeter of the property. Despite repeated assurances from local officials that this project had their unequivocal support, when a small, but vocal group of opponents voiced their objections to anything being built on the Golf Course, municipal support for our project evaporated. We then proposed constructing a residential project consisting of approximately 350 housing units with an affordable housing component. This plan also met with significant resistance and we ultimately received approvals for a single-family subdivision consisting of 62 homes. Shortly thereafter, we convinced the Town of Berlin to acquire a majority of the land situated in Berlin and to agree to deed restrict said land for open space, passive recreation and/or conservation purposes only. An accelerated Closing was arranged ; whereby, the transaction was consummated within approximately 4 weeks allowing us to divest of a residential asset shortly before the market crashed.