The Urban Development Authority is reviewing two proposed residential projects that could add 93 new homes across Bermuda’s Economic Empowerment Zones, officials announced during the Infrastructure and Development Summit yesterday.

The applications fall under the Government’s approved residential schemes programme, designed to encourage development in underutilised areas while avoiding displacement of residents.

“We do not want to create the conditions that facilitate gentrification and the displacement of residents and businesses,” a UDA representative said at the conference.

“Our goal is to have the stakeholders included in whatever solution is developed so that they can also benefit from whatever happens.”

To support the initiative, the Government has partnered with HSBC and Bermuda Commercial Bank to create a $50 million sovereign guarantee for financing residential projects.

Several potential additional sites were presented during the summit.

In Somerset, Raymond Lambert, a UDA consultant for the area, highlighted a site owned by the Odd Fellows Lodge that has sat dormant for years.

Akilah Swan, an architect with Swan Group, has drawn up plans for a mixed-use residential development on 0.69 acres, which would include one, two, and three-bedroom units.

Another major proposal is a 63-unit development in St George’s that would feature retail space, a boutique hotel and 136 parking bays. Mr Lambert described the project, designed by Che Caines and Jonathan Castro, as “very creative, designed to push the envelope” of what could be accomplished in the area.

In Hamilton, Shawn Brown and Larry Williams, two UDA consultants, identified additional sites in the northeast and southeast quadrants of the city.

Legislative changes have helped pave the way for these projects. The Economic Development Act was amended to include ARS provisions, while changes to the Immigration and Protection Act allow both Bermudians and non-Bermudians to purchase units in the zones with ministerial consent, expanding the pool of potential buyers.

As the UDA continues to review the applications, officials said the focus would remain on growth that included and benefited existing communities.