A business initiative that could become a third pillar in the Bermuda economy has received a major boost.

Without having to sell itself, the planned business and technology park at the former Baselands has attracted interest from international companies and already has one possible tenant firmly in its sights.

And officials at the Bermuda Land Development Company -- which is developing the 420 acre former US base -- believe once one company arrives, then more will follow.

The hopes of BLDC officials received a stamp of approval from new Development and Opportunities Minister Jerome Dill last week.

He said: "At the end of the day I think it could become a third pillar of the economy.

"We are always on the look-out for new opportunities, it seems that the way it is going, it is to take a prominent role in Government planning as we go forward.'' Mr. Dill added that the Government, in no way, wanted to detract from the first pillars of the economy -- international business and tourism.

"But if there are other opportunities out there we would be fools not to explore it, and possibly take advantage of it,'' he said. The 26 acre site has a variety of buildings, from small industrial units to large scale warehouses.

And with the proximity of the airport and the potential of the nearby wharf, combined with the financial and aesthetic values of Bermuda, BLDC vice-president of facilities and engineering Peter Uhlman believes the park will really take off.

He said: "A major telecommunications company from overseas is showing a strong interest in coming here. We haven't done alot of marketing but we are getting alot of interest from international companies.'' "It is a very big challenge.'' Communications director Don Grearson said the growth of the park is a long-term event, but will also involve opportunities for Bermudian business folk to locate at Baselands.

Some have already taken vacant sites and there are also plans for the wharf, which it was said could become the container port for the Island if freight movements were relocated from Hamilton.

The business and technology park would form one part of the site, with extensive use of other buildings, landscaping and the renovation of some of the homes. It is hoped that a number of three bedroom homes will be available by early next year, as affordable lots for Bermudian families.

And included in the re-development is possible space for housing for the elderly in conjunction with the Bermuda Housing Trust.

Mr. Grearson said up to $120,000 is being spent on each of the three-bedroom homes, and already 45 people have expressed an interest in the estate.

"These will be the most reasonably-priced three-bedroom homes in Bermuda,'' he said.

In the meantime the demolition of the remaining blocks of two-bedroom apartment blocks is to go ahead.

Mr. Grearson answered some of the critics who claimed the apartments could be utilised for families caught up in a "housing crisis''.

He said apart from the buildings not meeting Bermuda building standards, the blocks are in a state of disrepair and would need money spent on them, that would no longer make them affordable housing.

Estimates state that at least $100,000 is needed on structural repairs per apartment, before addressing the removal from the walls and floors of dangerous asbestos, he said.

GOVERNMENT GVT