Homebuilder buys remaining Mediterra properties

The Bonita Bay Group and Naplesbased luxury home builder London Bay Homes have reached an agreement in principle, subject to final documentation, on the sale and purchase of the remaining 50 single-family and villa home sites in Mediterra, the upscale golf course community developed by Bonita Bay Group. Terms of the purchase were not disclosed.

Bonita Bay Group will retain ownership of 28 condominium home sites in Mediterra. The company has also confirmed that while no final agreement has been reached, it remains in discussions to sell the community's recreational assets, including two Tom Fazio-designed golf courses, a 25,000-square-foot clubhouse, sports club and beach club, to the members of the community's clubs and home owners.

London Bay President Mark Wilson said the purchase will solidify his company's presence at Mediterra where it is currently building custom homes and its signature Villa and Estate homes in Cortile and Lucarno. "Mediterra is a premier luxury community and we believe the opportunity to expand our presence here is the perfect complement to our business activities in the region," Mr. Wilson said.

London Bay has operated in the Naples market since 1999 and has developed its reputation building custom homes in many of the area's most exclusive neighborhoods and communities. In 2008, the company was one of just two companies that earned recognition as "America's Best Builder" from the industry's leading publication, Builder Magazine. The company is currently building custom homes in the Naples area, and developing its signature Village community luxury home product at Mediterra, The Estuary at Grey Oaks, Miromar Lakes, and at Lakewood Ranch near Sarasota.

Mr. Wilson complimented the Bonita Bay Group on the development of Mediterra. "Bonita Bay Group has created some magnificent communities in this area and I am pleased we will have a significant presence at Mediterra and be able to build upon its reputation as one of the area's premier luxury communities," he said.

As part of the agreement, London Bay will assume responsibility for marketing and sales activities at Mediterra.