- May 7, 2010
Literacy Council buys Old 41 building
BUYER: Literacy Council of Bonita Springs Inc. (principals: Shelley Anderson, Ken Kellum, Crista Short and Kim Hastings), Bonita Springs
SELLER: Old 41 Project LLC
PROPERTY: 26820 Old U.S. 41 Road, Bonita Springs
PRICE: $2.6 million
PREVIOUS PRICE: $450,000, December 2003
LAW FIRM ON DEED: Lyons & Lyons PA, Bonita Springs
PLANS, DESCRIPTION: The Literacy Council of Bonita Springs Inc. purchased a 10,400-square-foot building on Old U.S. 41 north of Terry Street for $2.6 million. The purchase price equated to $250 per square foot of building space.
The council has leased space for the past 20 years and most recently occupied three buildings along Old U.S. 41. The new building will contain the council's classrooms, library and a multipurpose room.
The new ownership mortgaged the property to Regions Banks for two loans totaling $1.4 million.
The literacy council has launched a capital campaign to raise $3.2 million to cover the purchase price and an endowment for the building's future operation.
The Literacy Council of Bonita Springs provides free classes in reading, writing and English for adults.