ELYRIA — Housing units will not spoil the splendor of Spring Valley Country Club.

Two developers may have had dreams of turning the cash-strapped, 165-acre club into a housing development, but it’s the plans of a third that will finally come to fruition. Black River Development announced Friday that it is in the last stages of closing on a deal to purchase Spring Valley County Club, golf course and swimming pool.

Under new management and a new name, the club, which celebrated its 50th anniversary last year, will reopen this April as the Spring Valley Golf and Athletic Club.

“My love is golf and I’m excited to turn my expertise toward a project that will transform Spring Valley into a world-class golfing facility,” said Robert Corna, architect, lead designer and member of Black River, which is comprised of investors from Northeast Ohio.

The new management team’s immediate focus will be on opening the golf course for both the club’s private members as well as for the public for league play, outings and special events. In the near future, Corna will lead a multimillion-dollar master improvement plan for both the golf course and clubhouse facilities.

The idea is to transform the golf course into one of championship length that is on par with other United States Golf Association and Professional Golf Association courses from around the world.

Corna said the plan will incorporate the natural splendor Spring Valley is known for while increasing the caliber, challenge, beauty and playability of the course.

It’s the best outcome that members of the financially troubled club off Gulf Road could hope for, said Stephen Meckler, attorney for the country club.

Two months ago, First Place Bank filed a foreclosure action, saying the club owes more than $1.7 million on a $2 million loan it took out in 2004. A day later, the company that rents the country club’s golf carts filed a lawsuit accusing the club of being $43,500 behind in its payments.

“From the club’s standpoint, this is the best scenario,” Meckler said.

However, the sale will not stop the foreclosure complaint. Meckler said it’s up to the bank to decide if they will hold off until the transaction is complete. If that can be done, Meckler said, the proceeds of the sale will be used by the club to pay off its creditors.

Corna did not disclose details of the sale.

The group isn’t walking into Lorain County as strangers — it’s done other projects — and Elyria Mayor Bill Grace was happy to hear of its involvement.

“They have been involved in some very exciting projects in the Cleveland area and it’s reassuring to know the new ownership has such a level of expertise,” Grace said Friday.

Corna, who was involved in the design and development of the Red Tail Golf Club and the Avon Oaks golf course, is no stranger to large development deals.

He has been instrumental in the revitalization of the west bank of the Flats near downtown Cleveland. He served as a co-developer of the Nautica in the Flats as well as the residential and commercial development Stonebridge, located on the historic Superior Viaduct.

Recently, he and other partners began a plan to buy and redevelop the 29-story Ameritrust complex in downtown Cleveland from Cuyahoga County.

Contact Lisa Roberson at 329-7121 or lroberson@chroniclet.com.

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