News Americas, New York, NY, September 24, 2024: Jacksonville-based GreenPointe Holdings is set to invest $1.5 billion in the purchase and redevelopment of Treasure Cay in Abaco, Bahamas, five years after Hurricane Dorian devastated the island.
An agreement, known as a Heads of Agreement, was signed on September 1 between the Bahamian government and GreenPointe Holdings. The deal was finalized exactly five years after Hurricane Dorian, a Category 5 storm, struck Abaco, including Treasure Cay, on September 1, 2019. Abaco is located approximately 410 miles southeast of Jacksonville, Florida.
Bahamian Prime Minister Philip Brave Davis and GreenPointe Holdings’ chairman and CEO, Edward E. Burr, formalized the agreement. The redevelopment aims to restore Treasure Cay as a thriving community and economic hub for North Abaco.
GreenPointe Holdings’ planned improvements for Treasure Cay include:
- Single-family homes, condominiums, and villas
- An 18-hole championship golf course
- A beach club and restoration of the iconic Coco Beach Bar and Grill
- A 175-slip marina
- A retail marina village
- Restoration of the famous Tipsy Seagull bar
- A racquet club with tennis and pickleball
- A wellness retreat with a spa and fitness facility
Phase 1 of the project is set to begin construction in 2025, with an anticipated completion by 2027. The redevelopment will also feature a commercial center aimed at restoring essential services lost since the 2019 hurricane.
“Revitalizing Treasure Cay goes beyond reconstruction; it’s about reigniting a beloved way of life that started in the 1960s,” Burr said in the release. “Treasure Cay has long been the economic engine of North Abaco, and the people deserve to see their community restored.”
Prime Minister Davis expressed his confidence in GreenPointe Holdings as the right partner for this large-scale redevelopment, noting that the company has a deep connection to Abaco and a proven track record of delivering impactful projects.
