Corporation of Hamilton Updates Waterfront Development Project

Hamilton, Sep 15, 2013 AEST (ABN Newswire) - The Corporation of Hamilton, Bermuda has issued an action timeline detailing the ongoing progress of the City's major waterfront development project, which they identified as "the most significant development that Bermuda has ever undertaken."

A striking full page advertisement published in local media earlier this week sets forth in precise detail the actions taken by the Corporation over several months giving rise to a unique project which will completely transform Front Street ,Hamilton's iconic thoroughfare City administrators believe, as well, that the project will become a catalyst, generating further investment and jobs in Bermuda's famed hospitality sector

The $1.7 billion project, to cover 26 acres of prime waterfront will be developed by Allied Development Partners Limited, a Bermuda-owned company selected by the Corporation following a Request for Proposal issued in September 2012.

"Allied Development Partners submitted the most comprehensive proposal," said Hamilton Mayor Graeme Outerbridge in an open letter to the community. "It included a full development team of companies and professional services, project schedule, waterfront concept rendering and budget estimate. Allied was selected after a thorough review of the eight submissions."

In December, the Corporation of Hamilton signed a 262 year lease with Allied Development for the 26-acres of City waterfront, to enable the developer to attract institutional investors and secure the capital needed to build the $1.7 billion infrastructure, the Corporation stated.

The Corporation will receive a share of the revenue derived from the developments and is guaranteed at least as much income as they currently receive from the properties, until the project begins to generate revenue. Part of the proposal includes an upgrade of North East Hamilton, with pedestrian areas, open markets an entertainment.

The development of the City waterfront is of the utmost importance for the future revitalization of Hamilton and a revenue stream for the Corporation of Hamilton," Mayor Graeme Outerbridge said. "After nearly 50 years of discussion, this project is now moving forward with a development partner. We are excited about the developers' concepts. Full plans will be draw up once we have had the opportunity to meet with all the stakeholders in the coming months"

Contact

Victor Webb, Marston Webb International T: (212) 684-6601 e-mail: marwebint@cs.com