A retail and apartment complex is the latest project to come to fruition under the North Hamilton Economic Development Zone initiative.

Paula Cox, Deputy Premier and Finance Minister, joined Bank of Bermuda chief executive officer Philip Butterfield in congratulating property developers Carmon and Belinda Cyrus on completion of the project. The condominiums and retail units were unveiled to the public yesterday on Union Street.

Mr. Cyrus said: "This project was a dream for us. Bank of Bermuda has helped us to fulfil that dream by supporting the North Hamilton Economic Development Zone and we would like to express our heartfelt thanks to them for all of their help."

The couple said the development was possible because of financing with below-market interest rates. The complex consists of three retail units, five studios and five one-bedroom units, adjoining five existing units.

Mr. Cyrus said: "For years we've been renting space for our school uniform business (Bermuda Uniform Shop) and so we've been planning to do something like this for a number of years. We're hoping that once someone else sees this development and that we were able to do this, that they will become inspired."

Bank CEO Mr. Butterfield said: "When we first contemplated our involvement in the North Hamilton Economic Development Zone initiative, this was exactly the type of project we hoped to support and encourage.

"We not only wanted to help revitalise the area but we wanted to provide entrepreneurs with the tools and a pathway to help them accomplish their vision. Since 2006, Bank of Bermuda's commitment to the area has grown to over $25.6 million. We have been approached by a number of businesses for funding and have approved loan facilities with 17 businesses. Ten of those are new entities which we have helped to fund. Today marks another step for the bank as we reaffirm our commitment to this very important sector."

He said: "The North Hamilton Economic Development Zone is a meaningful step forward for Bermuda because it is providing access to financial support for a section of the population and to a part of the city which has for far too long been without that support. There's no reason why this part of Hamilton shouldn't flourish as other parts of Hamilton have flourished."

Deputy Premier Ms Cox said: "This is a very auspicious occasion because I think what we are seeing is the revitalisation of North East Hamilton. It's a historic area which is also known for education, and now business."

She told Mr. and Mrs. Cyrus: "They say the business leaders of the future need skills, to be risk-takers and innovators, and to have a sense of adventure. They certainly need to have expertise.

"On behalf of Government, we would like to commend you for raising the bar."

Last year, Parliament passed the Economic Empowerment Act with cross-party support. It aims to attract new investment and business into North Hamilton through preferential borrowing rates at financial institutions, the lowest rate of payroll tax, and other incentives.

Since the launch of the North Hamilton Economic Development Zone in 2006, the Bank of Bermuda has provided structuring advice and financing for commercial projects and small businesses.