— With A Steep Price Tag
By: Dana Fowle
Most members of Lake Claire Pool, a private membership-only facility on DeKalb Avenue, received an email on Nov. 3rd with an offer from its current owners of “equity membership” in a newly restructured pool ownership plan.
According to the letter, “Lake Claire Pool is transitioning from a non-equity membership pool to an equity membership structure.” The new model, called Lake Claire Swim Club, would come with a steeper, one-time admission fee of $10,000 for new members. The most recent current members paid $3,500 to join, and that could be used toward a discounted rate of $6,500 if they choose to stay on as members of the new Swim Club.
The private pool, tucked into the Southerland Terrace community, also charges an annual seasonal fee. Last summer, members paid $675. The new fee would have a starting summer rate of $785.
The 397 private pool members have until Dec. 31, 2024, to decide to join the new Swim Club. If they decline, the 322 families on the wait list can opt to join as places open up.
An equity membership, according to the announcement, would be “input into amenities, hours, and dates of operation, and enjoy the benefits of equity membership.”
A 136-page attachment and a follow-up FAQ sheet offered a more detailed view of what equity membership would look like. But, it still left dozens of questions from members who met on Nov. 13 with neighborhood lawyers and real estate experts to better understand the deal.
Areas of understanding and concern from that meeting:
- The sale of the Lake Claire Pool is estimated to be upward of $4 million, per community members. That money from the member buy-in sale does not go to the Swim Club — it remains with the original owners, said lawyers who read the offer.
- Members of current Lake Claire Pool ownership hold title to the 50-year land lease the pool sits on, earning them $60,000 annually and increasing in cost by 3% each year.
- Those who have been pool members for less than five years might be able to get their $3,500 admission fee refunded, provided the new Swim Club board approves it.
- No disclosures are provided for pool conditions, past maintenance records, or past accounting records. The pool is listed as an “as-is” sale.
For a number of reasons, the Lake Claire Wahoo Swim Team is uncertain if they will be able to have a 2024 season at the Lake Claire Pool. Since they are a completely separate entity from the pool, they are earnestly exploring other pool options to preserve the team’s future.
Pool members are worried about the looming deadline, the higher costs, and the pool’s condition. The email writes that if they can’t get 200 families to sign up for the new equity membership deal, pool ownership will stay the same. But it’s unclear for how long.
One pool member, who works in the commercial real estate industry, said, “The reality of the equity offering is that there is no equity — equity members have rights to use the facilities but don’t own the land or the improvements on the land, and in 50 years the ground lease expires.”
This news, though, has re-inspired community volunteers to pull out the Candler Park Master Plan, which provides for updating the Candler Park pool by creating a public/private partnership much like the one in Garden Hills. The Candler Park Conservancy is leading preliminary talks with City of Atlanta leadership about the timing of moving this agenda forward.
To stay informed about the developments, join the Lake Claire Pool Members + Waitlist Facebook page. There you will also find all of the documents related to this discussion. Also, go to www.candlerpark.org/cp-master-plan/ to find the Candler Park Master Plan and explore the vision for an updated and modern Candler Park pool facility that is free to the public. Take a look at the Candler Park Conservancy’s Vision Plan at www.candlerparkconservancy.org.
Dana Fowle is a 9-year resident of Candler Park s (28 years intown including Candler Park, Inman Park, and the Old Fourth Ward) and a past president of CPNO.