architectural design for the proposed financial centre yesterday evening.

But with two days before the deadline for the public offering, the developers still need a further $400,000 to hit their $1 million target.

Bermuda Financial Centre Limited (BFCL) revealed that the Bermuda Stock Exchange may be housed in the new complex.

The doors of the musty Bermudiana were opened so that locals could decide whether to invest a minimum of $800 in Bermuda Financial Centre's ambitious project.

The deadline for the public offering is tomorrow.

BFCL is looking for a maximum of $4.6 million to help meet the $14.5 million Bermudiana purchase price.

Investors were told to expect a 13 percent return by 1997.

So far, about $600,000 has been pledged by local backers.

The Hon. Michael Winfield, one of the developers, said Bermudians had never been offered the chance to participate in "a project of such scope''.

First Bermuda Securities president Mr. Jeff Conyers said referring to the election, "it has not been the easiest time to persuade people to invest their money, but the prospects are good''.

"There has been commitment from the international business but it has been difficult to get Bermudians to focus on this opportunity,'' he said.

The developers also named Canadian hotel operator Four Seasons as the second hotel company bidding to manage the complex's hotel.

Last month, Mandarin Oriental emerged as one of three companies bidding to manage the hotel.

Architect Mr. Fraser Butterworth, partner at architects Bath/Butterworth and one of the developers, explained that the lack of electricity at the Bermudiana meant his plans could not be illuminated.

In the fading evening light, about 120 locals viewed plans for a C-shaped hotel facing the harbour, overlooked by three office blocks.

A five-storey office block abutting Bermudiana Road is intended to be the same height as the new Bank of Bermuda building.

A three-storey, second office block, near Woodbourne Avenue, will be "no higher than neighbouring buildings,'' said Mr. Butterworth.

The third office building, a bridge building, will straddle the other two office blocks and reach an equivalent height to the present Bermudiana hotel.

The Hon. Mr. Michael Winfield, one of the developers, said the complex would "interact, like a club''.

The plans include a 18,000 square feet convention centre and underground parking.

Referring to the present hotel, Mr. Butterworth said: "There will be no huge piece of architecture seen from across harbour, instead the structure will be broken up''.

Retail outlets would not be a major feature of the complex, he said.

Butterworth envisaged a hotel lobby shop, a cycle livery and a hair salon.

The developers are also tentatively boasting the hotel may have the longest bar in town.

The project had financial commitment from 30 individuals, said Mr. Conyers.

The British hotel group Forte Hotel has confirmed the terms of the sale contract. Contracts are expected to be exchanged on Monday.

BFCL will forfeit $250,000 if contracts are not exchanged on that date. First Bermuda Securities, a financial adviser to Bermuda Financial Centre, is charged with raising $131 million to develop the centre. It expects to raise $6 million in preferred shares, $40 million in convertible debentures and $85 million in mortgaged notes.