The Bank of Bermuda will redevelop the former site of department store Trimingham Brothers Ltd. into a retail banking and office space, chief executive Philip Butterfield has announced.

The bank had been tight-lipped on plans for the space since it snapped up the prime piece of real estate in February as Trimingham?s, the Island?s oldest retailer, announced it was closing after 146 years in business.

The bank broke its silence in the wake of Trimingham?s closing its doors for good last week.

Final development plans for the site are still to be decided, Mr. Butterfield said, while revealing bank officials are awaiting proposals from local architectural firms. Permission from building authorities must also be sought, Mr. Butterfield said, but the space will be used as a banking premises.

?We would expect, given the nature of what we are intending to do, the architect will probably partner with some overseas players,? he said, in an interview with yesterday.

Mr. Butterfield said the bank will retain the well-known Front Street facade that through the years became a recognisable Trimingham?s trademark, because of its?tradition and history?. Current planning regulations require the veranda-fronted facade to be kept.

The National Trust has been consulted on the bank?s development of the space, and bank officials will be meeting with the Historical Buildings Advisory Group next week, Mr. Butterfield said.

?Our intent is to bring new technology to the table to do something that is environmentally creative,? including a design emphasising use of natural light, and some form of renewable energy ?to lessen our dependence on fossil fuel?.

Mr. Butterfield said the bank?s parent, HSBC, would expect the new structure to to be ?socially responsible? to the environment.

Mr. Butterfield would not be drawn on speculation the bank may move its main office from its current Albouy?s Point headquarters to the new address.

?We haven?t made that decision and we don?t see the need to make that decision anytime soon. The news about us is we are a growing business.?

Recently HSBC relocated its insurance captive ? a subsidiary company used by the multinational banking giant as a self-insurance vehicle ? to Bermuda. Yesterday, Mr. Butterfield said the Bank of Bermuda operations could be expected to continue expanding as HSBC grew its presence here.

The bank was bought out by HSBC in February 2004 for $1.3 billion.

Mr. Butterfield declined to say how many storeys the bank planned for the new Front Street space that also borders Reid Street. Existing regulations allow the property to go up to three stories on the Front Street side and up four levels on the Reid Street side.

The bank will need to create a significant amount of space for Mr. Butterfield to get his wish of consolidating staff into fewer locations. ?I?d like to see more of us under a single roof,? he said. The bank currently has five offices in Hamilton for 1,041 employees.

In general, Mr. Butterfield supports the building of more high-rise structures in Hamilton, and would like to see the traditional concrete construction replaced with more glass structures.

He believes Hamilton can absorb more dense development, in the interest of preserving green space throughout the rest of Bermuda.

Mr. Butterfield said the bank?s plans to migrate the longstanding retail use of its new Front Street space to a more corporate use could be the beginning of a wider shift.

Mr. Butterfield, who sits on the Waterfront Task Force, said Hamilton?s waterfront is facing redevelopment as it readies for larger cruise ships due to be introduced in the next few years. As well, redevelopment could transform the harbourfront into a park, boutique and restaurant space while higher office buildings may move in on the shopping district that has previously dominated Hamilton?s Front Street and Reid Street core. (See story on Page 8)

Currently, tight restrictions on development in Hamilton mean that ?non-retail? development in the city centre are ?resisted? by planning officials, and retail operations must be included on the ground floors of buildings.

The retail business requirement applies to both the Front Street and Reid Street levels of the former Trimingham?s space.

Retail banking meets that requirement, and Mr. Butterfield confirmed the new space will incorporate some form of retail banking. To what extent, and on which floors, was still under discussion with authorities, he said.

While the bank knows it will use the Front Street property as a banking premises, what happens with the Mills Creek warehouse it also bought as part of the acquisition is still under review, he said.