Bonita Bay reaches agreement with members of Shadow Wood, The Brooks

Bonita Bay Group has reached an agreement in principle for the members of the Shadow Wood Country Club and The Brooks Commons Club to purchase the clubs’ combined assets for $8.25 million in cash, Bonita Bay announced today.

The tentative agreement is with the Shadow Wood Country Club Member Board and The Brooks Commons Club Transition Team, according to the Bonita Bay release.
The sales agreement includes Shadow Wood Country Club and its two 18-hole golf courses, the Shadow Wood Preserve club and golf course, and the amenities at The Brooks Commons Club including a fitness center, restaurant and beach club, the release states.
Bonita Bay Group, based in Bonita Springs, is the developer of six planned communities in Lee and Collier counties.
This is the second Bonita Bay community to reach a resolution on club ownership.
Members of the Club at Mediterra reached an agreement with Bonita Bay Group to purchase the club's assets for $6.8 million in cash, the company announced Oct. 23.
The agreement calls for the club members to assume the community's $15 million debt to the bondholders of a community development district set up to build Mediterra's infrastructure.
Mediterra straddles the Lee and Collier County line, just south of Bonita Beach Road between old U.S. 41 and Livingston Road.(source: newspress 11-3-2009)