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.
“We are pleased to reach another successful transition and grateful for the hard work of the club boards,” said Bonita Bay Group vice chairman Brian Lucas in a statement late Friday.
For their money, the new owners get the 30,000-square-foot clubhouse at Shadow Wood, two Bob Cupp-designed golf courses and a nine-court tennis complex. The deal also includes the Shadow Wood Preserve clubhouse and course and the Shadow Wood sales center.
The Brooks Commons Club, including fitness and entertainment centers, Rosie Spoonbill’s Restaurant and a private beach club on the Gulf of Mexico, closes out the deal.
The developer is still liable for deposit refunds already owed. The new owners will be responsible for any refunds from new memberships.
In 2008 the developer suddenly stopped honoring a long-standing policy to immediately refund the deposits of resigning members. The souring real estate market and plunging economy plus a run on club deposits prompted the change, and some members sued to get their deposits back.
Dave English, president of the Shadow Wood club board, said the deal preserves the club’s future, lifestyle and property values.
Both communities are part of The Brooks, a sprawling 2,500-acre collection of gated communities north of Bonita Springs between U.S. 41 and Interstate 75. Bonita Bay Group developed the land in the late 1990s, started selling homes in 1998 and sold out in seven years before the housing bubble burst.
To join the new clubs members had to pay between $200 and $5,000, depending on the club and the membership, and waive Bonita Bay Group’s responsibility for deposits.