Plans to erect a new marina in the heart of St George’s in advance of the America’s Cup are still moving forward, according to developers.

While developers hoped the new marina on Ordnance Island would be up and running this summer, Mark Soares of Bermuda Yacht Services said negotiations are still ongoing.

“I think every time we talk we say it’s getting close,” he said. “Things are still moving along and I think it will be a go or a no-go very soon, one way or another.”

Mr Soares said that the marina would help the east end make the most of the 35th America’s Cup, which could bring a large number of visiting yachts to the Island.

“We think it’s a great thing for St George’s, especially with the America’s Cup coming,” he said. “I think the town wants to take advantage of the cup and the yachts that will be coming with it.

“We expect, because of our location, that we will get a lot of boats. I have had a lot of conversations with America’s Cup Event Authority about what kind of numbers we can expect. It’s hard to pin it down, but because of Bermuda’s location we are expecting more yachts than other hosts, such as San Francisco. The events are coming at the same time of year that we get a lot of trans-Atlantic travel.

“We could get 100 super yachts and 1,000 other yachts. We don’t know for sure, but there’s a lot of potential.”

Phase one of the plan would involve the construction of a 400ft fixed breakwater with a floating 38-berth marina.