by Joe Wilhelm Jr.
Staff Writer
They might not be able to pull off the $1 deal that brought The Players and the PGA to Ponte Vedra in today’s economy, but the Fletcher brothers are glad to talk about their involvement in the development of Jacksonville and Ponte Vedra recently.
The Davidson Realty Speaker Series featured Jerome and Paul Fletcher, the men who have been called “visionaries” for selling 415 acres of wooded wetlands and swamp to the PGA Tour for $1 in 1979.
The deal brought the PGA Tour’s then-Commissioner Deane Beman’s idea of a golf course in a stadium setting to life and was the catalyst of the Tour’s headquarters move to Ponte Vedra. It also radically increased the value of the adjacent Fletcher properties.
“People say we were visionaries for the project but it was Deane Beman who was the visionary,” said Paul Fletcher.
Though the Fletchers won’t take credit for the idea that became TPC Sawgrass, they’ve had their own moments of foresight that has helped to grow their business, including major golf course communities in Jacksonville (Baymeadows), Memphis (Stonebridge), Birmingham (Inverness), St. Augustine (Palencia), and Ponte Vedra Beach (Oak Bridge and Marsh Landing).
“When we built the golf course in Baymeadows they said, ‘Who is going to live all the way out there?’” said Jerome Fletcher. “We thought it was about eight miles from downtown, which wasn’t too far.”
The brothers continue to use their vision developing projects for Fletcher Management Company. Though the housing industry may have slowed recently, the Fletchers explained why it is a truly American industry.
“Housing is the biggest American industry because you can’t ship it offshore,” said Paul Fletcher. “There is an auto industry in Detroit, but there is a housing industry in every community in this country.”
Fletcher has noticed that the public is realizing how the housing industry drives the economy.
“When someone buys a house it’s not just the developer that benefits,” said Fletcher. “To build that house, you need landscapers, carpenters, plumbers, electricians and masons. You also need the materials to build the house. Once the house is built, you need to furnish the house.”
When will the U.S. economy begin to rebound?
“We’ve been through four major recessions before. They are all different and this one is lasting a little longer because it’s just not us, it’s international,” said Jerome Fletcher. “It’ll probably take 3-5 years to get back to a decent economy.”
Paul Fletcher gave an estimate on when the housing market would rebound.
“It’s going to be between October and December,” said Fletcher. “I just don’t know which year yet.”
He was a little more committal to Fletcher Management Company’s current projects.
“We have a 2,300-acre site in Savannah that includes a golf course and marina, and a 21,000-acre site in south St. Johns and Flagler counties,” said Paul Fletcher. “They are very long term projects. Ask me in 25 years how we are doing with them.”