The Tribune

• Florida developer in ‘binding’ purchase deal with Meisters
• Pledges ‘unique opportunity’ to ‘revive’ wider North Abaco
• Unclear if previous purchaser’s litigation still an obstacle

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

TREASURE Cay stands poised for “the break we’ve been waiting for for 35 years” after a Florida-based developer last night confirmed he has a “binding” deal to acquire the Abaco development.

Edward Burr, chairman and chief executive of GreenPointe Holdings, a Jacksonville-headquartered developer, told Tribune Business that 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 have yet 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.

“It’s not a negotiation. 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.

Robert Meister, who together with his brother, Stefan, currently owns the development via Treasure Cay Ltd, did not respond to Tribune Business messages seeking comment - directly or via intermediaries for their New Providence-based Blue Lagoon business - before press time last night.

Multiple sources spoken to by this newspaper, speaking on condition of anonymity, said most per- sons aware of the deal have been signed to non-disclosure agreements (NDAs).

One contact said “you’re very hot, you’re not cold” when contacted over suggestions that completion of Treasure Cay’s acquisition was close.

“Our community is really suffering,” they added. “The Meisters haven’t invested any money in the community for years. We really need this to go through.”

Another source familiar with developments surrounding Treasure Cay said they anticipated a formal announcement could be made on the purchase in about a month. “Yes, a deal has been under contract now for about a year,” they confirmed. “Every- thing is looking positive and the Meisters want to sell. The gentleman [Mr Burr] wants to buy. “He’s a very seasoned developer from Jacksonville, Florida, and owns a house he built in Treasure Cay on the marina. He’s been in Treasure Cay since 2005. He’s been developing on the east and west coast of Florida for 25 to 30 years with successful communities featuring amenities such as golf courses. He’s a very good candidate for Treasure Cay. We’re all very excited.”

Confirming Mr Burr’s identity, he added: “It would be the break we’ve been waiting for for 35 years since the late Mr Meister announced he wanted to sell Treasure Cay. Over the years we’ve seen many, many buyers come and never close on it.

“Robert and Stefan [Meister] are busy with their own endeavours at Salt Cay in the Dominican Republic. They have no need or desire to keep Treasure Cay or redevelop it. This gentleman wants to buy it, they want to sell it, and the Government would love to see all these tax dollars come back to the Public Treasury....

“The gentleman we have is the right guy - very savvy, very ethical, very humble. We’re all very optimistic. We’ve heard we’ll have new roads, and there will be a fantastic development of the marina and golf course. He’s seen Treasure Cay in its hey day, and knows what works and doesn’t work,” the source continued.

“The marina business was very important to the resort, and brought a lot of energy with sports fishing boats in and out. There was a lot of excitement and energy going on that’s not there now. The marina was destroyed in Dorian.

“It was a 150-slip marina, and employed a lot of people. We have a lot of single family homes, but it would be nice to have the hotel back, and the marina is definitely what needs to happen first.”

Treasure Cay is said to have around 1,200 home-owners, of whom 120 are Bahamian families.

However, one potential obstacle to any said to Mr Burr and GreenPointe holdings is the litigation that was launched against both the Meisters and the Government by controversial Austrian investor and Lyford Cay resident, Dr Mirko Kovats, after his $22.325m deal to acquire Treasure Cay was blocked by the authorities.

Dr Kovats, who has permanent resident status in The Bahamas, initiated Judicial Review proceedings against the Government on October 27, 2022, after the Bahamas Investment Authority (BIA) rejected his purchase.

He claimed an astonishing $3bn-plus in damages against the Government.

And the Austrian financier also initiated legal action against the Meisters and their company, Family Adventure Holdings, demanding that they uphold

the February 2021 sales contract or, in the alternative, return his $2.233m deposit equivalent to 10 percent of the purchase price.

“No one is talking about that any more,” one Treasure Cay source said of Dr Kovats and his litigation.

“The Government knew they would have to deal with that situation from the very beginning. He’s not a developer. You can’t have people who don’t want to develop acquire places like Treasure Cay.

“It’s critical you have the right developer in place to develop or redevelop the resort and employ Bahamians and provide the tax dollars needed to run the country.

“You can’t have someone buy and hold on to it indefinitely.

“There was never a second that the Government of The Bahamas considered approving him.”