$177M HOA Signed for Treasure Cay Development

Posted on September 13, 2024

As Featured in The Tribune

The proposed $177m revival of Abaco’s Treasure Cay development was yesterday hailed as a “win-win all the way around” and greeted with shouts of “hallelujah” by the island’s Chamber president.

#Daphne DeGregory-Miaoulis told Tribune Business the area’s restoration as a leading tourism and second home destination is “desperately needed” given the damage inflicted by both Hurricane Dorian and the COVID-19 pandemic as it was previously responsible for “putting Abaco on the map”.

#Speaking after Prime Minister Philip Davis KC and the Government signed a Heads of Agreement with Edward Burr, the Florida-based developer who this newspaper exclusively revealed in March 2024 was set to acquire Treasure Cay, she added that the development will likely provide “a big boost” to property values while also “easing the strain” for northern Abaconians who commute to Marsh Harbour for work.

#Mr Davis confirmed that Mr Burr and his Jacksonville-based entity, GreenPointe Holdings, are seeking to develop Treasure Cay into a mixed-use resort and residential community following the property’s acquisition from the Meister family.

#“Treasure Cay has long been an iconic destination and I am excited to see it restored and elevated to an even higher standard. We have remained resolute in our efforts to rebuild and revitalise Abaco. The GreenPointe redevelopment of Treasure Cay is yet another step on the road to recovery for Abaco’s economy,” Mr Davis said.

#“GreenPointe Holdings, led by Edward Burr, aims to revamp Treasure Cay into an exclusive luxury resort and residential area with top-notch facilities and services that stand out globally. This $177m development, starting with phase one, will restore infrastructure, including the marina and harbour.

#“They will also construct new residential units, a hotel and essential services such as a grocery store—all designed to enhance the lives of both Bahamians and visitors alike.” Mrs DeGregory-Miaoulis, when informed of the signing by this newspaper, replied: “Hallelujah, that’s all I can say. That’s desperately needed.

#“I don’t know how aggressive they’re going to be but I can’t imagine we’ll be feeling the real effects of this until well into 2025. A question to ask would be what this means for Treasure Cay airport. Will that be a fully-functioning airport for the northern end? It definitely has to be.

#“It’s something that needs to be asked and confirmed as it’s a long drive from Marsh Harbour airport to Treasure Cay, so I’m sure that is obviously going to be a substantial part of what they’ve agreed upon. Back in the day Treasure Cay’s development is what put Abaco on the map, and it certainly was just that for the northern end of the island, which is desperately in need after being severely impacted from Dorian.”

#Mrs DeGregory-Miaoulis said Treasure Cay’s revival could “reverse a large influx from Treasure Cay and the northern end all the way to Crown Haven” as the relative lack of economic activity in northern Abaco has forced many residents to commute to Marsh Harbour for work. Now, the prospect of jobs and economic activity at Treasure Cay will help to “take the strain off”.

#She added that the main road leading into Treasure Cay also needs to be repaved because it has “deteriorated terribly”, but said: “We’re very excited to know this is moving forward. Thank God. It will be fantastic for tourism and, what I think it will do, I think it will give a big boost to the second home ownership.

#“Treasure Cay is really supported by the owners and second home residents, and a lot of new homeowner residents came in post-Dorian. I think this will now give a boost to property values in that are and generate a lot of interest. Hopefully it will attract a lot more second homeowners who, really in many ways, are the lifeblood that supports the island.

#“Tourism and second home ownership. All the properties are visitor properties because most of them are in the rental market. It’s going to be a win-win all the way around, and the time to celebrate will be at the first ground-breaking.

#“In real estate, we don’t celebrate until the cheque is received and the first dollar is spent. Let’s see the pick axe go in the ground and money spent. That will give us full confidence that nothing will interfere with this development.”

#Mr Davis, in unveiling the Treasure Cay deal, said: “This agreement with GreenPointe Holdings LLC to revitalise Treasure Cay represents a turning point for the Abacos and is a welcome initiative that is set to benefit Abaco’s economy – an injection of growth that has been needed in this post-Dorian era….

#“Investment in Treasure Cay represents more than a financial commitment. It signifies a dedication to the future of the Abacos. The redevelopment efforts are expected to create numerous job opportunities across various sectors including construction, hospitality and retail, offering long-term and sustainable employment prospects for Abaconians.

#“We are steadfast in our commitment to ensuring that Bahamian workers are prioritised at every stage of this project, and we welcome GreenPointe’s initiative to provide training opportunities for Bahamians and reduce dependence on foreign labour.”

#Mr Davis said “Bahamian investors will have an opportunity to participate in this project”, but did not go into detail on what he meant, while adding: “We look forward to the positive economic impact this project is projected to have, which includes ongoing revenue streams from hotel and retail operations and the further development of our tourism sector.

#“Let’s work together to bring Treasure Cay back to its glory as a symbol of Bahamian beauty and resilience.” Mr Burr, in speaking with Tribune Business back in March, said the agreement with the Meister family creates “a unique opportunity” to not only “revive” what has been described as “the largest second homeowner community in The Bahamas and Caribbean” but the whole of North Abaco.

#A near-20 year home-owner at Treasure Cay himself, Mr Burr said he and his team were still finalising development plans but aimed to capitalise on the destination’s “rich history” to “build better than what we have”. While the level of investment and number of jobs that will be created had then to be determined, the developer anticipates submitting its application for government approvals in “the near term”.

#Mr Burr told this newspaper the project is also seeking to “revitalise” wider North Abaco through the entrepreneurial and employment opportunities it will provide, restoring businesses and ensuring families become “self-sufficient” such that it halts the departure of persons seeking work elsewhere.

#“We have a binding purchase and sales agreement with the Meisters to purchase Treasure Cay,” the GreenPointe chief confirmed. “We have been doing the proper due diligence and normal things buyers do, and look forward to a successful conclusion to the process.”

#Confirming that much of the work to-date has involved “understanding the infrastructure and condition of the property as it is’”, especially given the near-catastrophic damage much of it sustained during Hurricane Dorian, Mr Burr said he has been visiting Treasure Cay personally for more than 20 years and has owned a home in the community since 2005.

#“We’ve been doing as buyers do, understanding the issues with the property first,” he added. “We’re looking forward to the successful conclusion of this process and doing something that will revive and make better not only Treasure Cay but also all of North Abaco.

#“Everything is in process. We don’t have any final plans. We will be submitting concept plans to the Government along with our approvals.” Asked when the application for the necessary permits and approvals will be made to the Bahamas Investment Authority (BIA), Mr Burr replied: “There are so many moving parts, I hate to put a date on it, but it will certainly be in the near-term. I will say that…

#“We haven’t involved government much to-date… It’s really taken a while to understand the asset. I think we have a good handle on that and are putting in plans. I think we’ve done a good job of getting an understanding of that and are working on the plans themselves, ready to move forward.”

#As for what attracted him to acquire the project, which is thought to have some 595 undeveloped acres and possibly a further 1,000 in additional land, he added: “My love for Treasure Cay would be the first motivation, and the opportunity to bring the talent, resources and skills of my company, GreenPointe, to revitalise what was Treasure Cay and make it better. We feel we can build better than what we had.

#“Certainly we have had friends, and have known people residing in North Abaco, and I’ve watched many of them leave North Abaco because they cannot make a living because there are no jobs in North Abaco. I think we can do a great job of restoring business opportunities and helping to make people self-sufficient and to revitalise most of North Abaco.”

#Mr Burr and GreenPointe appear to have the expertise, track record and necessary financing to do what is required in reviving Treasure Cay. Their focus is “to create sustainable, high-value communities throughout the south-eastern United States”, according to the company’s website.

#It lists some 18 communities on both the west and east coast of Florida that GreenPointe has either developed, or is developing, with many described as “mixed-use, master-planned” developments featuring hundreds of homes spread across sites ranging in size from several hundred to almost 2,000 acres. Waterfront developments, country clubs, and condominium projects are also included in the portfolio.

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