Club Intrawest Sandestin. It is on the bay in the Sandestin resort complex. There are bike trails, several golf course, free shuttles to everywhere including the beach, numerous pools, and the many shops, restaurants and bars at the Baytowne wharf. The Sandestin resort is very large and is located both on the Bay and on the Gulf.
http://www.baytownewharf.com/
http://www.sandestin.com/
The Legend's Edge resort is nice but it is in the middle of nowhere. It is located on a golf course with a view of the bay, but it is a 10 to 20 minute drive from restaurants, shopping,the beach, anything.