building reflect a new confidence in the Hamilton commercial real estate world, observers say.

But they also told Business this week that there could be a deluge of new construction after the October 5 election.

Top international businesses seeking prime office space in Hamilton could find the property market galvanised after the election.

Local realtors, architects and Bank of Butterfield president Mr. Michael Collier agree that commercial property deals are on hold until the election is decided in October.

However, news of the ambitious and risky development project at the Bermudiana site and plans for luxurious new offices at the Harold Hayes Frith building on Front Street reveal a new confidence in the commercial future of the City of Hamilton.

The Planning Department has a substantial pile of applications for grand office buildings in central Hamilton. Although submissions to the planning department have diminished since the boom years, there are said to be sufficient to satisfy the demands of new international companies prepared to back development plans.

The much coveted commercial premises encircling City Hall, at the core of Hamilton's financial district, are now fully occupied.

Local realtors confirm there is still a shortfall of top office space. Mid Ocean Reinsurance Company, which formed at the end of last year, moved into 6,000 square feet of office space at Richmond House in July after several months in temporary offices at Craig Appin House.

A spokesman for the new reinsurer doubted any newcomers would be able to obtain space in this district.

Architects Barker and Linberg, who have formed development company Park Place to execute plans for the Harold Hayes Frith building, are said to be in an unusual position.

Mr. Andrew Caulfield, associate at architects and engineers Marshall Bernardo Partnership said: "It is a luxurious situation when architects own a site.

Architects would not usually design the site and hope for clients.'' `It's a sign of the times,'' said Mr. John Gardner, senior partner of architects and interior designers Cooper & Gardner, referring to the Park Place development, "when architects create opportunities for themselves, instead of waiting for developers to put the financing together''.

Dorchester Realty's managing director Mr. Duncan McBeath was optimistic about the success of the Park Place development, acknowledging the Harold Hayes Frith building as a good location.

However, he described the prospectus for the Bermudiana project as "fiction''.

"I don't think any sensible person reading that prospectus would want to invest their hard earned money in such a risky project.

"Everything is on hold until October 5. I think people have a mind to do things, but are hanging in there to see what the outcome of the election is.

It would be prudent to do so,'' said Mr. McBeath.

Dorchester Realty manages some of the city's most prestigious office space, such as Cumberland House, Craig Appin House, Chevron House and Dorchester House.

Surveyor Mr. Ted Gauntlett, principal of A.E. (Ted) Gauntlett and chairman of the Corporation of Hamilton Assessors, has plans to redesign a two-storey building on Court Street, now the Hamilton Cooperative Association.

He believes the building could be exclusively occupied by one company.

He is optimistic that a tenancy agreement will be finalised after the election.

"We are working on obtaining tenants for the site. There is a strong demand for new, quality office space and a surplus of unrented commercial property that is secondary in quality and location.

"People have been hanging back in the property market and there are signs that after an election there will be strong progress. Many buildings in Hamilton still need upgrading and the rewakening of commercial interest in Bermuda means owners will be stimulated to do something about it,'' said Mr.

Gauntlett.

A.F. Smith Trading Company president Mr. Anthony Smith said, "There are no commercial premises available for Grade A companies who want the image of quality conveyed by their offices.

"I have many customers from the international business sector who are waiting to see a stable government restored to power,'' he said.

Other architects who have submitted plans to the DAC on behalf of clients include: The Marshall Bernardo Partnership for Mintflower Ltd, which wants to build an office on a vacant lot in Par-la-Ville Road, next door to Mid Ocean Re's prestigious offices in Richmond House; Architects Cooper & Gardner have produced plans for a traditional, Georgian style building on the site of The James Building on Court Street, currently housing the practice of Dr. Clarence James. The plans show a six-storey building, with five storeys visible from ground level; and Architect Lawrence Brady has submitted plans for offices and retail space at Collector's Hill, next to the Cottage Bakery; and Island Wide Security owner Mr. Bill Black has approval in principle for building three floors of offices and four apartments in a seven storey building on King Street and Victoria Street. The architects are Marshall Bernardo Partnership.

Mr. Jay Riihiluoma has approval in principle from Development Applications Board to demolish the building presently housing Just Shirts on Par-la-Ville Road, opposite the Richmond House site and build offices. The site is an investment for the future, he said.

But, Mr. Tony Smith commented: "I would not like to see out of town development. The City of Hamilton is an attractive business centre, yet development needs to be controlled by Government. The City will deteriorate if companies vacant for locations out of town. It will leave a void in the city.'' THE ACE BUILDING -- Top new insurers arriving in Bermuda will not settle for less than prime space, like the ACE Building on Woodbourne Avenue.

CUMBERLAND HOUSE -- The reinsurance sector has dominated this much coveted financial area in Hamilton.