Broadway will be "unique in the world'', Finance Minister and trustee the Hon. David Saul said yesterday.

Dr. Saul said the institute, featuring sophisticated electronic equipment, will offer visitors the chance to watch the undersea world in 3D, "dive'' such famous wrecks as the Titanic and see fascinating films by National Geographic on marine life plus treasures from the deep on loan from leading maritime museums worldwide.

And a "distinguished'' advisory board of experts in the field of underwater exploration, including National Geographic editor Mr. William Graves, will give their input on how the institute should be run and fly to Bermuda regularly to give lectures.

"It will be a big drawing card for tourism and a boost for the economy,'' Dr.

Saul said.

Trustees have received several offers of alternate locations if the National Trust Endowment Company, which co-owns the property with the American investment company Fidelity, decides to object to the institute.

Two locations on Front Street east have been offered, as well as the Queen's Warehouse in St. George's and a Wedco-owned location at Dockyard, trustee Ms Wendy Tucker said.

But she said the East Broadway location next to Fidelity overlooking Hamilton Harbour was the "preferred site'' for the 25,000-square-foot two-storey institute, which will feature skylights in its roof, a dock and restaurant.

Fidelity is providing half of the money needed to build the institute.

"The idea came about from statements that there is not enough for tourists to do in Bermuda,'' Dr. Saul said.

"The institute will be a first class, internationally renowned establishment about deep sea exploration, and it will not only be for tourists as exhibits will constantly be changing.'' And he said contrary to concerns hinted at by the Maritime Museum, the institute "will not be full of pirated and stolen artifacts''.

Dr. Saul said he was not surprised the Maritime Museum had dropped its objections to the institute.

"It is only recently that we explained to the public what it's all about,'' he said. "There were a lot of misconceptions resulting in total ignorance.

Now that we've started to tell people what it's about they are pleasantly surprised.'' Dr. Saul said the institute was not likely to get off the ground for at least two years. He said a considerable amount of money still had to be raised even though Fidelity has promised the first $5 million.

The institute's board of trustees, chaired by Mr. David Lines, will soon be launching a fund raising campaign, Dr. Saul said, adding a pilot display had been recently set up to give would-be donors an idea of what will be in the institute. The display also features a scaled-down model of the proposed institute.

"It will be a place of excitement and interest which equals education,'' he said. "It will be full of simulations, for example you will be able to go down in a reproduction of a submersible and with the press of button select where you want go -- to see the Titanic or the oceans of Japan. One can also put on 3D goggles and experience the thrill of seeing sharks coming right at you.'' He said artifacts and films would be on loan from such leaders in science and marine exploration as the Soviet Academy of Sciences, the Smithsonian Institute and the Philadelphia Maritime Museum.

The institute gained approval from all three organisations involved in marine research on the Island when the Maritime Museum dropped its objections last month.

The Bermuda Biological Station and Aquarium and Zoo have said they will both contribute exhibits to the institute.

The Maritime Museum's major gripes with the institute were that it might display artifacts not excavated properly and would be in direct competition with it for funds and visitors.

But when Museum director Dr. Edward Harris received assurances an internationally accepted collections policy would be adopted, he gave his thumbs up.

The National Trust has not yet decided whether or not it will object. It is still in the process of seeking further information on the proposed institute.

Institute trustee Mr. Teddy Tucker said Dr. Harris had turned down several displays of artifacts he uncovered during his many years of diving local waters because he believed they were not excavated properly.

The Museum has a policy that if people offer artifacts unearthed before 1980 they must produce proof of the wreck the goods came from and the date they were found.

Ms Tucker said people will be able to visit the institute by boat and cruise ship passengers and other visitors "tired of nights on the town'' can come and spend a quiet evening taking in a lecture or film. She said the institute planned to stay open until about 10 p.m. each night.

TREASURES FROM THE DEEP -- Trustees of the proposed Bermuda Underwater Exploration Institute Ms Wendy Tucker and her father, veteran diver Mr. Teddy Tucker, look at a pilot display that is being used to give would-be donors an idea if what the institute will include. It is planned for East Broadway on property co-owned by Fidelity and the National Trust Endowment Company.