Three Bermudian business owners are behind a new proposal to build a large yacht marina east of Ordnance Island, St George’s.St George’s Harbour Marina (SGHM) owners say they have the financing for the project and have held preliminary discussions with the Planning Department and expect to soon submit a formal application.SGHM is owned by Bermuda Yacht Services owner Mark Soares, Correia Construction owner Dennis Correia and Total Marine Management /Dockyard Pier 41’s Ken Dallas.SGHM’s proposal for the marina was submitted and selected after the Corporation of St George’s put out a new Request for Proposal (RFP) when a previous plan for a 100-berth marina and 60-room hotel by Leading Edge Ltd fell through due to lack of financing. Leading Edge’s principals were Jeremy Spencer and Chris West.“We have been making good progress with this group over the past six months,” St George’s deputy mayor and alderman Garth Rothwell said yesterday, adding that SGHM’s financing was local rather than from overseas.He, along with Mr Soares, revealed the proposal called for the marina to built in a progressive manner, in two phases. Once the first phase of 38 berths is finished and doing well, the second phase will be built.The plans call for a breakwater to be built and yachts mostly up 60 feet will berth inside the breakwater, while mega yachts will be outside of it.“Our financing is in place,” Mr Soares said. “This is not one of those pie in the sky ideas.”He said visiting yachts and their crews could be a potentially lucrative pillar for our tourism industry and the marina and its services would help to get them to stay longer in Bermuda, rather than just making brief stopovers.Mr Soares added the principals behind the new plan had extensive experience in marina management and construction and their plan focused on keeping costs down.He said a formal application to Planning would be made once a number of technical details were worked out, including a relocation of the ferry terminal.The Corporation is providing the land and site, currently a parking lot, and was to have the opportunity to profit from the development.