MPs debate relief for Grand Atlantic revamp
Duty relief for the conversion of the Grand Atlantic housing complex in Warwick into a hotel is to be debated today in the House of Assembly.
The legislation, tabled by public works minister Lieutenant-Colonel David Burch this morning, seeks to exempt the Bermuda Housing Corporation from stamp duty and land tax for the transformation of the development.
Colonel Burch announced in March that the development would be repurposed as a condo hotel.
Originally built as affordable housing, Grand Atlantic failed to gain traction with the public, with just two homes sold out of its 78 condos.
The Bermuda Housing Amendment Act 2018 will also enable the Corporation to apply the Tourism Investment Act 2017 to the development.
•To read the legislation, click on the PDF under “Related Media”.