$177M Project for Treasure Cay
Posted on September 12, 2024
As Featured in
The Nassau Guardian
The hurricane ravaged Treasure Cay Resort in Abaco is set to be revitalized in a $177 million investment by GreenPointe Holdings LLC, which says it hopes to not only revitalize the resort area, but also the entire Treasure Cay community, and allow Bahamians to invest in the project, Prime Minister Philip Davis explained yesterday during the signing of the heads of agreement for the redevelopment.
Davis explained that GreenPointe has also committed to offer on-the-job training for construction workers and limit the number of foreign workers on the job.
“Investment in Treasure Cay represents more than a financial commitment — it signifies a dedication to the future of The Abacos,” he said.
“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 prioritized at every stage of this project, and we welcome GreenPointe’s initiative to provide training opportunities for Bahamians and reduce dependence on foreign labor.
“It is also crucial to highlight GreenPointe’s commitment to protecting the environment as we move forward with reconstruction efforts. They have pledged to ensure that the project is consistent with the preservation of the island’s most important ecosystems.
“And, perhaps most importantly, Bahamian investors will have an opportunity to participate in this project. It is very important to us that Bahamians are able to own their share of this exciting development.”
The Treasure Cay area, including the resort were devastated by the monster category five Hurricane Dorian in 2019.
Davis said this investment by GreenPointe, led by Edward Burr, will revitalize the Treasure Cay area.
According to the prime minister, GreePointe plans to build a marina and harbor, new residential units, a hotel and a grocery store in phase one of the project.
“This agreement with GreenPointe Holdings LLC to revitalize 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,” Davis said.
“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 revitalize Abaco. The GreenPointe Redevelopment of Treasure Cay is yet another step on the road to recovery for Abaco’s economy.”
Davis added that the project will be another revenue stream for The Bahamas as well as another shot in the arm for the tourism sector.
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