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BONITA SPRINGS — The Ronto Group and Rockpoint Capital closed on a deal Friday to buy 1,414 acres of Gulf Coast land for $18 million. Roughly half of that land is located at the east end of Bonita Beach Road and is zoned for residential development.
An additional 724 acres are in Lee and Hendry counties, and will be used as mitigation land, a release says.
To facilitate the purchase, Ronto and Rockpoint created RP Bonita Beach Rd. LLC, a collaborative investment vehicle. Land Solutions Inc. brokered the deal, led by owner Randy Thibaut and broker Williams Rollins.
The Ronto Group has worked with Rockpoint Capital in the past. In 2006, the two planned to partner up on a 1,200-home Bonita Springs community, but the recession halted the project. Read “No Flipping” from the Jan. 14 issue of the Business Review for more information.
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