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LA ROMANA, DOMINICAN REPUBLIC-The Bahamian subsidiary of Miami-based Andros Isle Development Corp. is negotiating a purchase agreement for 2,700 acres near the city of La Romana in the Dominican Republic. The property is master planned for a 4,500-unit resort community with three golf courses and a 300-slip marina, but Andros officials say they will be revising the plan.

A source with Andros Isle tells GlobeSt.com that Andros Isle's board of directors inked a general agreement to acquire the property. If details with regard to the title and the approved master plan come back as expected, a definitive purchase agreement will be signed on or before Feb. 9. The transaction is slated to close escrow during the second quarter of the year.

Andros Isle will fund a portion of the acquisition price proceeds from the placement of the 10 million shares of Series A Cumulative Preferred Shares that its board of directors approved in July. Upon completion of this transaction, Andros' net asset base will increase by more than $80 million, or by more than $5 per fully diluted share based on independent valuations of the value of the property being acquired.