The developers planning to transform the closed Club Med site in St. George's return to Bermuda tomorrow and say they are still upbeat despite an exclusivity deal expiring.

The Toronto-based Quorum Group, whose six month exclusivity agreement with Government ran out six weeks ago, is putting the final touches to its financial plans, said Tourism Minister Renee Webb yesterday.

She said Tourism had approved in principle the development to build a hotel, housing and world class cultural centre at the site, but it would need to get the go-ahead by the Department of Planning.

Ms Webb said although the exclusivity deal with Quorum has expired, Government has not begun talking with any other developers yet because it wants the project to succeed.

But the whole development hinges on Quorum having its funding secure, she said.

Ms Webb said: “The exclusivity agreement doesn't make any difference because we are not talking to anyone else.

“The exclusivity agreement set out criteria that had to be met and they had not been met, not because we were not willing to negotiate, because everyone is working diligently to make it.

“(Quorum spokeswoman) Wanda (Dorosz) is working through their finances and is coming here this Wednesday.

“We are not adverse to another exclusivity agreement but it will depend on where is the finance coming from.

“It is looking very positive. They seem to be doing all the right things, but it all comes down to financing.”

Ms Dorosz told The Royal Gazette her group had been encouraged by contacts with Ms Webb and other Government departments and that it was putting the final touches on paperwork which they hope will result in the exclusivity deal being extended.

“We've had a flurry of positive activity and are very encouraged by the attention that both Minister Webb as well as her colleagues in the other ministries are giving this,” she said.

“We've had a physical tour of the site with multiple ministries which was wonderful.

“We've got a weekly dialogue and we are ploughing through the last of our due diligence questions.

“We are very grateful the Government has shown such positive interest. We are hopeful we will have the paperwork that can move us to the next stage, which would include another period of exclusivity.

“Between us, it feels very good and we are very excited by the community response, by the town and the five ministries involved.”