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 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 the restoration of Coco Beach Bar and Grill, a 175-slip marina, a retail marina village that restores the famous Tipsy Seagull, a racquet club complete with tennis and pickleball, and a wellness retreat, spa, and fitness facility. The golf course designer has not yet been named.
The development will also 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. It is expected to break ground in 2025,phase projected with the first to open in 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 1960s,” he said. “We have the unique opportunity to restore a distinctive resort community and 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 we can move forward with a project of this magnitude. Together, we are laying the foundation for a renewed Treasure Cay that will benefit the local community and the entire region for generations to come.”
Prime Minister Davis said, “GreenPointe Holdings is the ideal partner for this redevelopment because of their deep connection to Abaco and proven history of delivering impactful projects. Their vision aligns with our government’s commitment to rebuilding what was lost and creating 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.
