A group of Harvard University graduates yesterday presented Government with a suggested proposal for the redevelopment of the former US Naval Annex at Morgan?s Point.

The proposal includes 60 age-restricted homes,113 affordable homes,180 condominiums, 90 town centre condominiums, 30 high-end town homes, 343 high-end mid-rise condominiums, an 18-hole championship golf course, 250-room resort hotel, playgrounds, a boardwalk and/or promenade, spa-wellness centre, yacht club and church.

Led by businessman Patrick Flynn, the group?s overall objective was to assess the site with a view to utilise the space, while taking Government?s overall focus on the Social Agenda and Sustainable Development into account.

Premier Alex Scott said any proposed development would be based on a phased plan to meet the immediate needs of the population and would be in keeping with Government?s long-term goals as it relates to housing.

But was quick to add that this was simply a plan and not a commitment which gave Government a suggestion of how this could be professionally and comprehensively done to meet the current needs of Bermuda.

The study group came up with a budgetary amount of $35 million which includes remedial clean-up of the area.

Mr. Flynn said: ?The goal of the project was to maximise the return for the Bermudian Government and people and minimise the return for the developer as sustainable level so that he remained interested throughout the entire project. We created a stabilising return of between seven and nine percent cost for the entire project to keep the developer interested to the very end,? he said. The proposal will now be presented at a Sustainable Development Roundtable who will then offer their views to Cabinet.