GreenPointe Holdings of Jacksonville plans to invest $1.5 billion to purchase and redevelop Treasure Cay in Abaco, Bahamas.
The Bahamian government and GreenPointe Holdings entered into Heads of Agreement on Sept. 1, according to a Sept. 16 news release.
Bahamian Prime Minister Philip Brave Davis and Edward E. Burr, the chairman and CEO of GreenPointe Holdings, reached the deal five years to the day when the Category 5 Hurricane Dorian pummeled the island of Abaco, including Treasure Cay, on Sept. 1, 2019. Abaco is about 410 miles southeast of Jacksonville.
The release listed the following improvements to Treasure Cay proposed by GreenPointe Holdings:
• Single-family homes, condominiums and villas.
• An 18-hole championship golf course.
• A beach club including restoration of the Coco Beach Bar and Grill.
• A 175-slip marina.
• A retail marina village.
• Restoring the famous Tipsy Seagull.
• A racquet club with tennis and pickleball.
• A wellness retreat with a spa and fitness facility.
Construction on Phase 1 will begin in 2025 with a completion goal of 2027.
There will also be a commercial center that will bring back services that have been lacking since 2019.
“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 to the vibrant place that was once enjoyed by so many.”
“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,” Davis said.
“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.”