A new master plan is being drawn up for the old Naval Air Station -- concentrating on a business and technology park, according to the Finance Minister.

Dr. Grant Gibbons made his announcement in the House of Assembly yesterday and said the new park would help to diversify Bermuda's economy.

The base lands have been turned over to the Bermuda Land Development Company which will oversee their future development.

Recently the BLDC announced that the shortlist for Morgan's Point had been narrowed to just two developers, although no-one had been found for Daniel's Head.

In his announcement yesterday Dr. Gibbons said that over the last 12 months the NAS had been "transformed into an increasingly vital part of the Bermuda scene''.

More than a dozen businesses are using the NAS and more are expected to move in, the Police and Fire Service had taken over some buildings and the Youth and Sports Ministry was expanding its sports park across another 11 acres.

Work will also soon begin in preparing the Marginal Wharf industrial area, which Dr. Gibbons said was a priority development for the BLDC.

Dr. Gibbons added that significant progress had been made in transforming the NAS, measured by the number of businesses and public services located there.

"In the next few months the BLDC will begin putting together a master development plan for the NAS site. It will build on the Broad Use Plan that established land use sectors across the area.

"This plan will determine the feasibility of various activities and establish priorities for development that meet the commercial objectives of the Company.

"A primary focus will be the development of the business and technology park which holds great potential for new opportunities and diversification of the economy.'' The Minister added: "The complete integration of the base lands into the economic and social fabric of Bermuda is expected to take at least ten to 20 years. If this project were a road race it would be described as a marathon.

"Judging by our progress to date, I would say we have sprinted from the blocks, we are well down the track, our pace is steady and strong and our eyes are fixed clearly on the end result.'' MILITARY MIL