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THURSDAY, MARCH 28, 2024
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Treasure Cay gets ‘break we’ve waited 35 years for’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
* Florida developer in ‘binding’ purchase deal with Meisters * Pledges ‘unique opportunity’ to ‘revive’ wider North Abaco reasure Cay stands poised * Unclear if previous purchaser’s litigation still an obstacle
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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 Jacksonvilleheadquartered 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 homeowner 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
EDWARD BURR 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
‘MAKE THE SWITCH’: 2.6% GROWTH BELOW FORECASTS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must “make the switch” to focus on medium to long-term economic goals after it was revealed yesterday that 2023’s 2.6 percent real GDP growth came in below expectations. Hubert Edwards, head of the Organisation for Responsible Governance’s (ORG) economic development committee, told Tribune Business that concentrating too heavily on near-term or year-over-year
results threatens to mask structural economic woes that must be tackled over multiple years such as education reform and Bahamas Power & Light/energy policy. He spoke out after the Bahamas National Statistical Institute (BNSI) unveiled initial gross domestic product (GDP) growth estimates for 2023 that came in under both International Monetary Fund (IMF) and Central Bank of The Bahamas forecasts.
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EASTER RUSH FOR FISH BUT RECORD HIGH COST By FAY SIMMONS Business Reporter jsimmons@tribunemedia.net FISHERMEN say the cost of fish is at an all time high due mainly to the increase in gas and cost of business. A fisherman at Potter’s Cay dock yesterday said he docked his boat in New Providence on Monday and has already sold out of fish. The vendor, from Andros, said he brings fish over every year to capitalise on shoppers eager to have fish for the Good Friday holiday. He said since the price of fish is currently so high he decided not to purchase fish
to resell and opted to partner with another vendor and clean fish. He said: “Well, I’ve already sold out of my fish. I brought my boat over from the island early this week and I sold out. But right now, I’m just going to stay put and make some money cleaning fish because I can’t buy no fish to resell the price is too high. But people was coming in all week and I sell out today so I’m happy.” Another vendor said Easter is always a busy time for fishermen and predicted as the holiday draws closer more persons will
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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 todate... It’s really taken a while to understand the asset. I think we have a good handle on that and
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$5.60 POLICE CHIEF SEES 46-YEAR TIES BREAK DOWN ON TRUCK By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR police chief’s 46-year friendship with a businessman fractured over a bitter dispute featuring the purchase of a Mack truck for a government garbage collection contract. The breakdown of the relationship between Chief Superintendent James Miller and Gregory Higgs, who were described as childhood friends, “occasional business associates” and fellow parishioners, was detailed in a March 25, 2024, Supreme Court verdict that awarded the police officer and his wife almost $112,000. The duo had used Esther Miller’s retirement income to finance the acquisition of a 2007 Mack Garbage Truck, without which Mr Higgs would have been unable to secure a residential garbage
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