Shadow Wood, Brooks members buy clubs from Bonita Bay Group
The almost 2,400 members of the Commons and the more than 1,000 members of Shadow Wood paid a total of $8.25 million.
Palm Coast, FL – January 18, 2010
By CHARLIE WHITEHEAD: NaplesNews.com
January 15 – The Bonita Bay Group continued selling off its amenities and staving off bankruptcy Friday, closing a deal to sell residents of Shadow Wood and The Commons at The Brooks their clubs.
The almost 2,400 members of the Commons and the more than 1,000 members of Shadow Wood paid a total of $8.25 million.
The developer sold its Mediterra club to residents for $6.8 million – plus the assumption of $15 million in infrastructure debt – late last year. Negotiations are ongoing for the club at the developer’s flagship Bonita Bay community, with a $12 million deal on the table.
Toby’s Commentary: Another chapter in the continuing story of how developers underestimated the cost of carrying expensive amenities in their upscale residential communities once real estate sales dried up.
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