GreenPointe Holdings to Take Lead in Bahamas Redevelopment Project

Posted on September 18, 2024

As featured in Jacksonville Business Journal

Jacksonville-based GreenPointe Holdings recently announced it has entered into an agreement to purchase and redevelop Treasure Cay, located on the Great Abaco Island inThe Bahamas.

The redevelopment agreement with the Bahamian government comes on the heels ofHurricane Dorian’s fifth anniversary, where 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 championship golf course complete with practice facilities, a beach club including restoration of Coco Beach Bar andGrill, a 175-slip marina, a retail marina village that restores the famous Tipsy Seagull, racquet club complete with tennis and pickleball, as well as a wellness retreat, spa and fitness facility.

The development efforts also feature a commercial center designed to serve the needs of locals, which will include a grocery store, hardware store, bank and business offices –essential services which have been lacking since the hurricane, GreenPointe HoldingsCEO Edward E. Burr told the Business Journal.

At build-out, the project investment will be approximately $1.5 billion and is expected to break ground in 2025 with the first phase projected to open 2027.

“Revitalizing Treasure Cay goes beyond reconstruction; it’s about reigniting a beloved way of life that started in the 1960s,” Burr said. “We have the unique opportunity to not only restore a distinctive resort community, but also to 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.”

Burr has owned a home in Abaco for about 20 years.

“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,” Bahamian Prime Minister Philip Brave Davis said in a statement.” 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. This revitalization of Treasure Cay marks a significant step forward in our journey of recovery, and I am confi dent that together, we will restore the heart and spirit of North Abaco.”

The development has previously faced challenges, Burr said, including weather-related delays and previous ownership issues, but he said he’s optimistic for the projects future as it has the involvement of several key local stakeholders. The next steps involve obtaining development permits to begin construction, with a focus on restoring amenities.

Aside from its Jacksonville headquarters, GreenPointe maintains regional offices inTampa, Port St. Lucie, Sarasota and Naples/Fort Myers. In addition to the newly announced Treasure Cay project, GreenPointe is also developing and managing 20master-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.