Street'' according to the men behind it.

Plans to build office blocks and a hotel on the site of the Bermudiana Hotel have come under heavy fire from the Corporation of Hamilton and local traders.

But Bermuda Financial Centre Ltd. believe the complex is the "most exciting project'' for decades and will send positive messages to the international community.

The Corporation of Hamilton objected to the "staggering'' size of the proposed office blocks and pointed to the fact that it would cause businesses to leave Hamilton's existing office/retail buildings.

But, representing the centre, Mr. Jeffrey G. Conyers said yesterday: "We are on the threshold of a new era, which offers our country the unique opportunity to act as one of the major global facilitators in the areas of investment and insurance, encouraging international business transactions within and between the major trading blocks.

"An increasing number of prestigious international companies are eyeing Bermuda with increasing confidence in our services and attributes.'' Mr. Conyers pointed out that every major financial jurisdiction in the world had its financial centre. "Be it Wall Street in New York, the City in London, Bay Street in Toronto, or even the Financial Centre in Dublin.

"We believe Bermuda should have an equivalent. We will both preserve and reflect the unique character that is Bermuda, but we must also demonstrate Bermuda's ability to service the world's financial community.'' Addressing the Corporation's fears of a loss of tenants in their existing buildings, Mr. Conyers said: "Every company we have talked to has decried the lack of available office space and forecast significant demand in the future.'' He said the centre would have underground car parking to ease congestion and the building would only be five or six feet higher than the present Bermudiana Hotel. Part of the site would be opened up as a park.

Mr. Conyers said: "We urge the Corporation to consider the benefits this development will have on its taxpayers.

The hotel, according to the company, will support the offices through conference and food and beverage facilities and the offices will support the hotel by making use of the rooms.

Mr. Conyers added: "For the first time Bermudians have been offered the potential to invest in both international business and tourism.

"We feel fear tactics are being used which suggest that existing owners of offices might face the `grim prospects of losing tenants.' "This project is designed to address the clear and definitive needs of Bermuda's international business sector for the future.

"Thus while we understand the fears of vested interest, we are convinced they have nothing to fear. We are also aware of several developers who are sitting on the sidelines at best, or actively working against this project in the hope that it fails (so) they can come along and develop it for themselves.'' Mr. Conyers believed the current building, which has been empty for years, was an embarrassment to Bermuda.