GreenPointe Holdings, a Jacksonville, FL., company with strong ties to Abaco, Bahamas, has entered into a Heads of Agreement approving the purchase and redevelopment of Treasure Cay. This announcement was made today by Bahamian Prime Minister Philip Brave Davis and Edward E. Burr, the Chairman and CEO of GreenPointe Holdings, on the heels of Hurricane Dorian’s fifth anniversary. The Category 5 hurricane devastated the island of Abaco, including Treasure Cay, on Sept. 1, 2019.
GreenPointe Holdings’ plans to revitalize Treasure Cay as a community featuring single family homes, condominiums and villas, an 18-hole golf course complete with practice facilities, a beach club including restoration of Coco Beach Bar and Grill, a 175-slip marina, a retail marina village that restores the famous Tipsy Seagull, racquet club complete with tennis and pickleball, as well as a wellness retreat, spa and fitness facility. The golf course designer has not yet been named.
The development also will feature a commercial center designed to serve the needs of all North Abaconians. The center is expected to include a grocery store, hardware store, bank, and business offices – essential services that have been lacking since the hurricane.
At build-out, the project investment will be approximately $1.5 Billion and is expected to break ground in 2025, with the first phase projected to open 2027.
Burr has owned a home in Abaco for approximately 20 years and has spent a good deal of time on the island.
“Revitalizing Treasure Cay goes beyond reconstruction; it’s about reigniting a beloved way of life that started in the 1960’s,” he said. “We have the unique opportunity to not only restore a distinctive resort community, but also to renew hope and opportunity for the entire area. Treasure Cay has long been the economic engine of North Abaco, and the people deserve to see their community restored to the vibrant place that was once enjoyed by so many.”
“It has been an absolute honor to work alongside Prime Minister Davis and the Bahamian government in bringing this revitalization agreement to fruition. Their commitment and collaboration have been instrumental in ensuring that we can move forward with a project of this magnitude. Together, we are laying the foundation for a renewed Treasure Cay, one that will benefit not only the local community but the entire region for generations to come.”
Prime Minister Davis said, “GreenPointe Holdings is the ideal partner for this redevelopment because of their deep-rooted connection to Abaco and their proven history of delivering impactful projects. Their vision aligns with our government’s commitment to not only rebuild what was lost, but to create a stronger, more resilient community that offers new opportunities for generations to come. This revitalization of Treasure Cay marks a significant step forward in our journey of recovery, and I am confident that together, we will restore the heart and spirit of North Abaco.
In addition to the Treasure Cay project, GreenPointe is also currently developing and managing 20 master-planned communities in 10 Florida counties, with a variety of mixed-use entitlements including approximately 27,000 single-family homesites, 2,200 multi-family units, and 800,000 square feet of commercial and retail space.
Photo: Prime Minister Philip Brave Davis (left) and Edward E. Burr (GreenPointe Holdings)