Work will start in four weeks on a new low-cost housing and hotel development, the Premier announced this afternoon.

Construction on 24 affordable housing units at the former Grand Atlantic resort, in Warwick, will go ahead next month and ground will be broken on the hotel development within the next six months.

In total, 125 affordable units will be built in four phases, with each phase taking ten months. Meanwhile the 100-room hotel and 20 fractional units will take 24 to 36 months to complete.

Premier Ewart Brown said today: “As you may recall, our Government partnered with property owner Atlantic Development gaining the land to build affordable homes for working families while they gained the capital injection needed to build a 100 room, three-star hotel. This a win-win situation and we believe that this represents the powerful potential of a successful public-private partnership.

“This project will consist of 125 affordable homes — 30 three-bedroom units at 1,400 square feet and 95 two-bedroom units of 1,100 square feet. They will be sold to first time home buyers in the $500,000 to $625,000 range.”

* For the full story see tomorrow’s Royal Gazette.