The city of Bryan has a new partner for its Traditions Golf and Country Club.
The Huddleston Group, which is owned by Texas A&M graduates, is taking over the golf course and development, the city announced Tuesday.
The company, which will be known as Traditions Acquisition Partnership, LP, has agreed to purchase loans from Melrose Incorporated, which has managed Traditions since 2003.
The purchase price is not being released, according to Spencer Clements, one of the investors.
Clements also said the agreement would not effect the Texas A&M golf team's use of the Traditions course.
The investors include Texas A&M graduates Billy Pete Huddleston, a member of Texas A&M's "Junction Boys" football team; Peter Currie, a Traditions homeowner; Spencer Clements, a Houston-based golf course operator; and Mike Rupe, a Traditions property owner.
"We are thrilled to bring in a company that has a longtime relationship with Texas A&M University and the Traditions community," said Bryan City Manager David Watkins.
"In an era when many developments are struggling and when banks are foreclosing on properties across the nation, we are fortunate to have a stable local economy, and just as importantly, we are fortunate to have a new partner with strong Aggie ties and a direct investment in Traditions," said Bryan Mayor Mark Conlee.
Melrose Inc. announced in December that because of the struggling economy, it was halting construction on Traditions and cutting costs.
The city said it will continue to share lot sale profits with the new company, as it did with Melrose Inc.
Traditions has more than 100 homes and is worth more than $85 million, according to city officials.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to email@example.com. Please provide detailed information.