The Tribune

By ANNELIA NIXON

anixon@tribunemedia.net

Treasure Cay business and second home owners have hailed the $177m investment that promises to revive the community as “a day of joy” after multiple previous deals fell through. 

Speaking after last week’s Heads of Agreement signing between the Government and Edward Burr, a Florida-based developer who himself owns a residence at Treasure Cay, they described the announcement as “a long time coming” after numerous previous suitors failed to close the acquisition with the Meister family.

Tara Diane, owner of Cafe La Florence and a Treasure Cay resident, recalled as a teenager how she waited for Treasure Cay to obtain a new developer and fresh investment but to no avail.

“It’s been a long time coming,” she said. “I would say from, I was probably about 15 or 16, waiting for Treasure Cay to be sold and each time coming so close but not happening, and to be here and to be a business owner within this community, to see this happen, it’s totally a day of joy for me because this is what I wanted to see for my community.

“This is what I wanted to see for my island. Treasure Cay, years ago, was the economic hub for our island in terms of employment for so many throughout the island of Abaco, and I grew up here in Treasure Cay in its glory days.”

Dan Proctor, a Treasure Cay second home owner of 30 years’ standing, said himself and others have been waiting for Treasure Cay to attract a new developer for years after seeing many prospective buyers come and go.

“We’ve had others that have had an interest in buying Treasure, but it wasn’t a great fit,” he said. “They didn’t understand the uniqueness of Treasure. They didn’t understand the people, the neighbourhoods. I just think we’re blessed.

“What are the chances of having one of your own [Mr Burr] come forward and, on such a massive scale, to redevelop something that’s been wiped out by the worst hurricane ever to hit the Bahamas? Unheard of.” 

COVID-19 and Hurricane Dorian each devastated Treasure Cay and, according to Tegwen Hunt Hastedt, many second home owners in the area never returned. Mr Proctor said he heard about 75 percent of second home owners left Treasure Cay after Hurricane Dorian.

They added that the deal with Mr Burr raises hopes that Treasure Cay will be restored to its pre-pandemic and pre-Dorian lifestyle. As it stands now, according to Ms Diane, Treasure Cay lacks the necessary restaurant, retail and other businesses and amenities to give it critical mass.

Mr Proctor believes the project will not only bring Treasure Cay back to its pre-2020 self but maybe even improve it. “The choices have been very limited and it makes it very hard for the community, for the local Bahamian population, to compete as a tourist destination,” he said.

“I think one of the things that excites all of us, and again, all three groups, is that the restoration and the improvement of those services is going to dramatically increase the appeal of Treasure Cay. It’s going to create a monumental increase in services and will very likely make Treasure Cay a premier destination from a worldwide perspective.

“I have seen some of the plans, and everything I’ve seen makes me appreciate the fact that it’s going to be environmentally friendly, very sustainable, going to have a tremendous local impact on the economy and when I say local, I mean all of Abaco, but in particular Treasure Cay and North Abaco, which desperately needs a shot in the arm.”

Prime Minister Philip Davis KC, speaking at last week’s Heads of Agreement signing, said 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.” Mr Proctor added: “Ed Burr has been a resident of Treasure Cay and has visited with his family for, I think I’m correct in saying, about two decades and so it’s not an outside group.”

Ms Diane concurred and said: “To think about how Mr Burr, he sees the jewel in Treasure Cay, and first he had to believe in the people to believe that this was worth spending $177m. It speaks volumes that his heart is here. His heart is truly for the community.”

A realtor with Abaco Estate Services, stationed in Treasure Cay believes tourism and second home owners will flock to the area due to this project.

“Well, our initial impression is it will be very beneficial not just for our company, but for anyone who owns property in Treasure Cay. A huge boost. The destruction from Dorian, it’s been a long time coming and even before Dorian. So Treasure Cay is a very special place, and it has an immense amount of potential. I mean, if that’s one thing you can say about Treasure Cay, the potential is limitless,” they said.

Mr Davis yesterday added:  “I was pleased that our administration was able to bring someone to the table to revitalise that area. So we’re looking forward to the major investments.”