Emile Haddad, founding CEO of Irvine-based FivePoint Holdings, has made a $1 billion bounceback from retirement — on a 220-acre island in the Bahamas.
The 66-year-old developer has launched a venture to build a Bulgari luxury resort on a sandy island in the Caribbean, a 20-minute boat ride from the closest airport in the Bahamas, the Orange County Business Journal reported.
The estimated cost of Bulgari Resorts & Mansions in Cave Cay in the Exumas archipelago north of Cuba: “north of $1 billion,” he said.
Plans for the Bulgari-branded resort include a 64-room luxury hotel, 48 waterfront mansions and a village for 600 workers.
The Lebanese native, who left FivePoint in 2021, had launched a family office investment firm before kicking up the white sands of the Bahamas.
So he formed a Cave Cay Limited Partnership and bought the 220-acre cay, or sandy island dotted with caves, for an undisclosed price. And he signed on Bulgari, the Rome-based luxury fashion house, which moved into branded hotels in 2002 through a joint venture with Marriott.
“The Exumas have been establishing themselves in recent years as the ultimate glamorous destinations in the Caribbean,” Bulgari CEO Jean-Christophe Babin said in a statement.
The Bulgari resort and residences will include a spa and wellness center, sports area and a kids’ club. Mansions, ranging from 6,000 to 10,000 square feet, are expected to list for more than $20 million.
A promenade will be lined with exclusive shops, a Bulgari-themed bar and Il Ristorante, with fine dining curated by Michelin-honored chef Niko Romito.
Visitors can also unwind at a signature beach club, La Spiaggia. A marina will cater to residents and visitors, with docking facilities.
For Haddad, there’s one catch. Visitors to the Bahamas used to strolling into restaurants in sandy flip-flops will have to change them for brogues and heels.
“We’re bringing the Italian elegance,” Haddad told the Business Journal. “You can be very casual during the day, but at night, you’ll dress up nicely. We’re bringing back something that a certain clientele is looking for.”
“We’re creating a different feel,” he added.
Haddad has 40 employees working on the project from London to Istanbul to Miami. Among his employees are his children and former workers at Five Point.
Haddad founded FivePoint for Miami-based Lennar in 2009. FivePoint was then spun off, and the firm went public in 2017. Since then, the firm has launched master-planned communities in Irvine’s Great Park Neighborhoods, Santa Clarita and at San Francisco’s Candlestick Park.
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