Forest Lake Country Club may shutter and be developed into a new Bloomfield Township subdivision.
On Sept. 29, the 94-year-old club’s 91 equity members are scheduled to vote on a possible sale of the 104-acre property south of Square Lake Road and west of Franklin Road to homebuilder Toll Bros. (NYSE: TOL).
Creighton Forester, board president, said the equity members will also consider whether instead to “grow and invest” in the club by renovating the clubhouse in an effort to attract new and younger membership. He declined to say how much such a plan would cost, but said it would be paid for via membership dues, which wouldn’t be raised as part of the plan.
“Forest Lake is on a gorgeous piece of property,” Forester said. “We have, like most area clubs, a clubhouse that needs to be modernized and updated to attract new and younger families. It would bring a new facility to today’s times and needs.”
Through a spokesperson, Toll Bros. declined comment Wednesday.
Both Forester and Kenneth Neuman, a member of the club’s board of directors and a past board president, declined to reveal the proposed purchase price.
A majority of the equity members would have to approve the sale.
Neuman said declining equity membership and revenue has prompted the consideration of the sale, although Forester disagreed with that characterization.
“We have a very steady membership, very passionate membership,” Forester said. “Nothing has led to the sale other than Toll Bros. approaching us, and we felt we had, as board of directors and president, a fiduciary responsibility to take it forward to the equity members.”
There are more than 300 total members; the club is capped at 325 equity members.