Property developer Michael Bradshaw is hoping that Prosperity Heights — his new residential development officially opened yesterday — will breathe new life into the area of North Hamilton where he was raised.

The four-storey, nine-unit condominium complex on the corner of Ewing Street and Court Street is aimed at attracting young professionals and seniors looking to downsize.

As the site falls in the North Hamilton Economic Development Zone, the developers were able to benefit from financing from the Bank of Bermuda with below-market interest rates, and some duty exemptions on materials.

The two-bedroom condos, with verandas will sell for between $677,000 and $699,000, and realtors Coldwell Banker Bermuda Realty are looking to attract interest from those who view the properties as a buy-to-let investment, as well as owner-occupiers.

Long-time area resident Sheila Swan cut the ribbon to celebrate the opening of Prosperity Heights, after Mr. Bradshaw, Bank of Bermuda chief executive officer Philip Butterfield and Bermudians Against Narcotics spokesman Takbir Sharrieff all welcomed the development.

"This was about three years in the planning," said Mr. Bradshaw. "A few of us from the Ewing Street area were looking to invest in the area and make improvements. If you want something to happen, then you've got to do it yourself."

Discussions with Housing Minister David Burch, the Ministry of Finance and architect Colin Campbell followed and the vision developed.

The new homes incorporate energy-efficient measures, including insulation and recycling resources — something that Mr. Bradshaw, as a retired biology lecturer at Bermuda College with an interest in the environment — was keen to implement.

The Bank of Bermuda made an initial commitment of $10 million to finance commercial projects in the area, when the North Hamilton Economic Development Zone was launched in 2006.

Mr. Butterfield said this part of the Bank's business had grown substantially, with 19 financing projects currently on its books.

"Since 2006, Bank of Bermuda's commitment to the area has grown to more than $38.7 million but today we can see the result of this financing in the realisation of someone's dream, in the revitalisation of the area and literally in the new complex that stands here today," Mr. Butterfield said.

"We need to see new housing being established within the City of Hamilton. By bringing people back in to places where they have an economic stake, then you bring back the vibrancy of the area. So projects like this are very important."

In the future, he expected to see mixed-use development in North Hamilton zone. The Bank offers three different kinds of financing the development zone area with below-market interest rates and special terms and conditions. These are commercial development and small business loans, as well as private equity investments.

For Prosperity Heights, the Bank will also provide special mortgage financing for those interested in buying the units, as well free home insurance for a year.

Now Mr. Bradshaw is looking to add to Prosperity Heights, by developing a plot a little farther north on Court Street, the site of a former "crack house". He would like the new development to be even "greener" and fitted with solar panels to provide electricity.

He also has a vision of creating a chess park close by, enabling residents to sit down outside and enjoy a game which is close to Mr. Bradshaw's heart.