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Sporting Club revived

By Kevin Huelsmann, Jackson Hole Daily
March 29, 2013

The new owners of the Snake River Sporting Club say they could have the old clubhouse open as early as June 1.

The Atlanta-based investment firm Cygnus Capital has crews working on the facility at the exclusive development south of Hoback Junction. While it might not be fully functional, it could soon be open for special events such as weddings, said Adam Goldstein, Cygnus’ investment manager for the project.

“It’s a beautiful, 23,000-square-foot facility right on the Snake River,” he said Thursday. “It’s a great space.”

Goldstein said the facility will “hopefully” be complete by June.

The company is also looking to hire a general manager or a chief operating officer as soon as possible. Advertisements for the job started appearing this week.

The ad says the position is available immediately and that the person hired will oversee a food and beverage director, membership director, golf professional, golf course superintendent and facilities manager, among others.

“We want to start with the GM,” Goldstein said. “Once that person is in place, it will be his or her responsibility to work with us and build their team.”

The 257-acre Snake River Sporting Club was approved by county officials in 2003 as a planned residential development. Plans included a golf course, clubhouse and adjacent townhouses, and 68 residential lots.

The development stalled in 2008, when the real estate economy crashed. Sales at the property were slow, and liens filed by contractors against the club’s owners began to pile up. Wells Fargo started foreclosure proceedings on the property in 2010.

Meanwhile, county officials foreclosed on more than $6 million in bonds on the property. They used the money to complete infrastructure at the site to allow people who had bought lots to access and use their properties. The county hired contractors to pave roads into the properties and to install water and sewer lines. 

The troubled property went back on the market last fall after Wells Fargo took control of its deeds. 

Cygnus Capital bought the property in February from Wells Fargo. Cygnus representatives met with county planners this month, but said they have not yet finalized any development plans for the property.

“We’re focusing on things we can do now to show progress at the site,” Gold-stein said.

The club had more than 100 members when it was being developed. Those members are gone, though, something Cygnus hopes to remedy.

“We’re hoping to bring them back,” Goldstein said.

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