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 the Heads of Agreement, was signed on September 1 between the Bahamian government and GreenPointe Holdings. The agreement 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 re-establish Treasure Cay as a thriving community and economic center for North Abaco.
GreenPointe Holdings’ planned improvements to 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 marina with 175 slips
- A retail marina village
- Restoration of the famous Tipsy Seagull bar
- A racquet club with tennis and pickleball
- A wellness resort with a spa and fitness facility
Phase 1 of the project is set to begin construction in 2025, with an anticipated completion date of 2027. The redevelopment will also feature a shopping center aimed at restoring essential services lost since the 2019 hurricane.
“The revitalization of Treasure Cay goes beyond rebuilding; it’s about rekindling a beloved way of life that began in the 1960s,” Burr said in the release. “Treasure Cay has long been the economic engine of North Abaco, and people deserve to see their community restored.”
Premier 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.
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