Featured News - Current News - Archived News - News Categories
Yurtchuk out as partner in Windows on the Green
By JAMES FINK
jfink@bizjournals.com |
716-541-1611
One of the three partners in the group attempting to purchase the financially ailing Westwood Country Club has pulled out of the deal.
Developer John Yurtchuk, also a partner in Calspan Corp., confirmed he is no longer part of Windows on the Green LLC. The group is negotiating to purchase the 180-acre, private country club in Amherst.
"My heart isn't in it," he said. "I'd love to see the Westwood remain a private club or even a semi-private operation, but from my business perspective, I needed to see a stronger income stream."
Yurtchuk said he still hopes the Windows on the Green deal will be approved.
He left the partnership as Westwood's 88 shareholders are scheduled to vote Dec. 6 on whether to accept Windows on the Green's purchase offer of $2.45 million. The club's board of directors voted unanimously Nov. 20 to accept the offer.
Yurtchuk said his own due diligence raised questions about such things as the financial viability of it remaining private in a difficult economy, dwindling membership and the possibility of the property having to remain as a golf course, not be rezoned for other uses.
"The problem, as I see it, is it may be difficult for the Westwood to break even as a private course," Yurtchuk said. "In a way, it's kind of a double-edged sword. The financials for the club don't look strong, and you really can't develop into something else."
The Windows on the Green offer remains on the table and is expected to be voted on by the shareholders Dec. 6. Partners include Jon Cohen, owner of Jonny C's Deli and Catering, and Amherst businessman Todd Sugarman, who operates several landscaping firms. Cohen already handles food, beverage and concessions operations there and is credited for turning revenues around in the three years since he took them over.
Cohen could not be reached for comment, nor could Barry Singer, Westwood president.
Windows on the Green has the right of first refusal with any Westwood sale offer.
Businessman Paul Snyder had offered to buy the club for $3.5 million. A third offer came this summer from Amherst Golf Partners, another local investment group.
Snyder's bid and Windows on the Green pledged to keep the club as a private course for at least two years, although both had clauses that allowed for it to be converted into a semi-private operation at later dates. Snyder's offer included an option to develop a portion of the property into a Class A hotel.
One year ago, Yurtchuk had a tentative deal with Westwood to purchase a large tract of vacant land at the corner of Sheridan Drive and North Forest Road and develop a 50,000-square-foot medical complex. The plan died amid immediate neighborhood opposition.
The club is surrounded by residential neighborhoods.
"The reality is, a lot of people who live near there consider it their private green space," Yurtchuk said. "I just couldn't see any way around that."
The deal between the Westwood and Windows on the Green has been in place since late summer and was originally slated to close by early fall. Delays, primarily caused by contract revisions, allowed Yurtchuk more time to crunch numbers.
Delays also stalled a new membership drive slated for this fall.
"There's a lot of competition in our area and we are still dealing with a short season," Yurtchuk said.
Westwood was founded in 1945 and has 255 members. Less than a decade ago, it had more than 350 members.


