BLAIRSVILLE--A New Alexandria real estate developer and owners of a golf resort in York are among partners who have combined forces to purchase Blairsville's Chestnut Ridge Inn on The Green, the Chestnut Ridge and Tom's Run golf courses and The Colony, an adjacent residential development, for $6.1 million.
The deal was finalized on Aug. 19, according to Eugene Bartolini of New Alexandria, one of the new owners. A native of Saltsburg with a background in real estate development, he will serve as president of CRM Management, LLC, the administrative general partner for the 419-acre property at routes 22 and 119 east of town.
Other partners in the new ownership include Matthew DeRose, owner of the Heritage Hills Golf Resort and Conference Center in York, and Tom and Jim Usher of Pittsburgh.
Said Bartolini, "We've been working for six to eight months to bring this deal together with the estate of (Martin) Bearer," the late developer who created the dining, golf and residential complex.
According to Bartolini, the two 18-hole golf courses and the Chestnut Ridge Inn restaurant and banquet facility were transferred to Chestnut Ridge Golf, L.P., while Golfland, LLC purchased The Colony, including 10 condominiums, other lots intended for single family dwellings and about 80 acres of remaining undeveloped land.
According to documents filed at the office of Indiana County Register and Recorder, the golf and dining facilities cost the new owners $5,099,000, while the residential properties and another small piece of land went for $1,004,000.
Bartolini said the partners are preparing to capitalize on growing interest in the property, heightened by widening of Rt. 22 west to Pittsburgh and of Rt. 119 north to Indiana.
He said the owners plan to sell existing vacant condominiums, but meanwhile will offer them as stay-over accommodations for golfers.
"We're planning to develop single-family units," he said, noting 11 lots already have been developed and are ready for construction.
By the end of September, Bartolini said, the golf courses should be stocked with new golf carts equipped with global positioning system technology.
He noted that feature will allow golfers to determine the distance from their ball to the hole or a sand trap. It also may be used to order food and beverages.
At the end of the year, when the current food management contract at the Chestnut Ridge Inn expires, "We're going to integrate the food and beverage service with the golf operations," Bartolini said.
Bartolini said the restaurant will continue to service banquets and golf outings.
