Bank seeks ?fast-track? approval
In an unusual move, the Bank of Bermuda has asked the Department of Planning to ?fast-track? its application for a seven-storey building on the site of defunct department store Trimingham Brothers Ltd.
Normal procedure would be to first seek preliminary approval. But the bank has jumped that step and is asking for the Department to give its plans final approval, a review of the file showed.
The bank says it wants to begin building as soon as possible to minimise the time the central location stands empty. And it argues that its new development, called the Harbourview Facility, ? will give area businesses a boost because average traffic flow of 1,500 people a day ? 500 employees and 1,000 customers ? is expected.
The project is expected to take about three years to complete.
Plans show that the mixed-use space is to incorporate retail banking both on the Front Street and Reid Street levels, an ATM hall, five and half floors of office space and a small specialty retail operation in the area that was the Front Street entrance to Trimingham Brothers Ltd.
The design is a storey higher than would normally be allowed, according to the application, but the total height ?115 feet measured from the top of a mechanical penthouse that sits atop the seventh storey ? falls short of the 138-foot maximum height allowed.
A pedestrian path that is to run along the western end of the property would create a space between what was previously Trimingham?s and neighbouring department store H.A. & E. Smith.
The bank said this path, which is to be roughly the same width as Chancery Lane, would increase the retail opportunities for the adjacent Smith?s property.
Originally the bank had planned to use the site purely for banking purposes but will now retain a portion of the Trimingham?s building for specialty retail use.
The two-storey retail portion is to go back about 20 feet.
Once redeveloped, the site will overall measure 107,256 square feet.
The architects for the project, Cooper and Gardner, are working with Toronto-based firm, Young & Wright. And contractors BCM McAlpine are working with overseas firm Vanbots.
The plan retains the veranda-fronted fa?ade on the Front Street side of the development, and then through a series of setbacks, incorporates a modern, office tower.
About one-quarter of the Front Street fa?ade will incorporate a ?more contemporary element, which speaks to the future and the evolution of Front Street?, and to ?act as a modest marker of the new owner?.
On the Reid Street side, there will be trees planted and a ramp will allow wheelchair access. There will also be an entrance along the new pedestrian path. Several areas of the new development are designed to incorporate public art displays.
The development allows the bank to consolidate its 1,160 staff into three buildings instead of the seven it currently occupies. It intends to keep its Albuoy?s Point building at 6 Front Street and its Church Street facility, in addition to the new development.
This means its other buildings, including the former L.P. Gutteridge building, Compass Point and Par-la Ville building will be vacated. It is understood these buildings will either be put up for lease or sale. In total, 213,000 square feet of commercial real estate will become available once the Trimingham?s site is redeveloped.
The bank said part of its reason for consolidating was to simplify customers? banking experience, and reduce the amount of square footage per employee to ?competitive standards?.
