One of Hamilton's most exciting building developments in recent times is going full steam ahead, despite the fall-out from the current financial crisis, according to developers West Hamilton Holdings Ltd.

Belvedere Place, the site of the former Bermuda Bakery in Pitts Bay Road, which will include a range of offices, complementary retail spaces and penthouse apartments, has already attracted a number of potential new tenants and has the full backing of the bank. The car park comprising 200 spaces is expected to be completed in September 2009 and the first building is set to go up in February 2010.

Harrichand Sukdeo, chief financial officer at West Hamilton Holdings, who is overseeing the project, said that the company has a number of safeguards in place to ensure that the development goes ahead and reckons there could even be some opportunities for competitive bidding for contracts and reducing costs in these tough economic times.

"We are in fact, according to plan, on schedule," he said.

"The first phase of work is the building on the far eastern side of Pitts Bay Road which will have four floors of office accommodation and retail and three luxurious condominiums on the penthouse floors offering contemporary style living for the discerning clients.

"We are going to move forward cautiously, on the development of future phases based on demand."

Planning permission was granted last year and the bulldozers moved in to demolish the bakery building at the start of this year.

Excavation work is 99 percent complete, while BCM McAlpine was appointed the general contractor, with Universal Electric as the electrical sub-contractors and Bermuda Air Conditioning dealing with the mechanical side.

The building, which is located in the business hub of the city, with insurance giants Ace and XL Capital Ltd. just down the road and the Fairmont Hamilton Princess only a short walk away, will be uniquely different in comparison to any other commercial premises in Hamilton, believes Mr. Sukdeo.

"We believe we have a quality product to offer the market," he said.

"It is unique in the sense that it is being constructed on 2.1 acres of land, of which 40 percent of the land will be used as living space with water features, all nicely decorated with attractive stone, lush green plantings and carefully designed walkways enhancing the attractiveness of the centre courtyard. In addition the generous courtyard will be available for tenants as an outdoor entertainment areas, all within a campus-style environment protected by a state-of-the-art monitoring system.

"It will also have enhanced security features with a concierge service located on the lower level of the parking lot with underground entrances and exits on both sides of the property controlled by an electronic monitoring systems."

And Mr. Sukdeo revealed there has been a significant amount of interest expressed in the new development by prospective tenants and other potential users, although a firm commitment has not been offered to any parties.

"We are in discussions with a few interested parties including those offering to purchase an equity interest in the development," he said.

"At this early stage of construction we have still not yet offered the building to anyone and it remains available for those individuals who wish to live in the penthouses as well as any organisation who may be considering a new or different office building.

"We are particularly interested in an organisation who may wish to consider this building as a naming opportunity by occupying a major part of the building."

He said West Hamilton Holdings, the parent company of West Hamilton Ltd., which was formerly the Bermuda Bakery, had been in discussions with its bank, who were confident with the company's business plan because of the special features it offers, including the unique design of the Belvedere complex and the prime location along Pitts Bay Road.

"We anticipate providing some complementary features at a future stage, for example a fully fitted state-of-the-art gym and a cafeteria, which will be part of the design of the second building," said Mr. Sukdeo.

"We are also providing a secure wireless technology environment for our clients which can be accessed anywhere in the campus.

"And we believe that we are going to offer all these additional features at competitive market rates."