The Pearman Watlington Company is to start work on a multi-million dollar office and apartment complex at the Pitts Bay Waterfront on May 1.

BCM McAlpine has been awarded the two-year contract to erect two 30,000 square-foot office buildings, one 12,000 square foot building and 15 two-bedroom apartments on the site of the old Miles Market.

The first phase of the plan was completed in 1999 with an 180,000 square foot unit now used by Miles Market and offices used by insurance companies including Zurich and Centre Re in Pitts Bay Road.

Pearman Watlington group president Will Cox said offshore business has already expressed an interest in the new phase.

He said the big budget building demonstrated his company?s commitment to the Island and its offshore business.

A third phase featuring more office space and up to 16 residential units has had final approval but no date has been set for ground breaking, said Mr. Cox. He said the whole project had been ?very exciting and nerve-wracking?.

Mr. Cox revealed the plan to remove Waterman?s Rock in Hamilton Harbour had now approved after initially being rejected by the Development Applications Board.