The planned development at the former US Naval Annex in Southampton is likely to be phased in over a number of years to prevent the economy overheating.

And any hotel element of the project, now called King's Point, is not expected to come on line for several years -- effectively giving room for other tourism developments to become established.

Development and Opportunity Minister Terry Lister revealed that the initial stage of the scheme will include a golf course, housing, village centre and ferry dock.

And he is hoping the golf course will be in hand by 2002 at "the very, very least''.

The Government is concerned, with several new projects on the horizon, that a boom in the construction industry does not blow up in the Island's face -- damaging the economy in the long term.

Another factor is the influx of foreign workers in the building industry during the short term.

"We are very, very concerned about overheating the economy,'' he said.

"There are people on work permits in the building industry. We do not want to add to that -- if it could be pulled back, that would be good.'' He said the housing element of the project, which is being put together by Alan Burland's BEAM, could be staged over a number of years -- with the intention of providing long-term work for Bermudian workers.

"Because we were concerned about overheating the economy and the desire to keep Bermudians fully employed, we have held hands with the new developers to take the building out over ten years,'' he said.

In addition, the "smoothing'' out of construction work would allow other schemes to make progress. And, said Mr. Lister, the drip-feeding of housing would bring in funds to boost the entire project.

The first phase of King's Point is expected to take 18 to 24 months and a start date could be revealed in around two months.

The environmental clean-up of waste left by the departing US Navy could either be carried out for the US, presenting them with a bill, or with their assistance, he said.

Mr. Lister said at present there were no "roadblocks'' in the way of negotiations.

"We have a very positive feeling about where we are going,'' he said.

Ready for take-off Meanwhile, backers of the new Castle Harbour Resort are working hard to get construction work underway in the hotel.

Officials are working to produce final estimates for the project, in order to have final drawings, Planning permission and eventually start work in the empty hotel.

They are keen to get the renovations underway in order to make a Spring 2002 opening for the hotel.