national theatre in the heart of the city by the end of the century.

And funding for the two ambitious projects will come from the private sector.

Corporation of Hamilton chiefs are currently negotiating with investment company TG International Investments Ltd to transform the Par-La-Ville car park site into a world class hotel, catering primarily for business visitors.

The firm, an exempt corporation financial company, will pay for the full cost of the development -- estimated to be some $60 million.

Although the development is at a very early stage planners hope the new complex will consist of 140 executive suites and an additional 20 condominiums. There will also be conference rooms available for business meetings as well as leisure facilities such as tennis courts and a swimming pool.

Negotiations for the hotel are still underway and contracts have not been signed. But if a suitable design can be approved and a lease agreement bashed out, building could begin next year and the structure could be up and running by the year 2000.

TG International has already hired architectural firm Butterworth Associates and Design to look at possible designs for the building. Both companies will also be working with the Corporation of Hamilton and City planners to come up with a suitable design that will fit in with its surroundings.

One of the conditions of design is that the current car parking spaces will be moved underground -- with the Corporation still allowed to collect any parking revenue.

Corporation Secretary Roger Sherratt said that seven projects for the site had been studied but in the end a business hotel was thought to be the best option.

"There was a varied range of proposals including offices, theatres, hotels, a convention centre, condominiums, town houses and a multi-purpose development with shops, offices and residential units,'' he said.

"But after very careful consideration the Corporation concluded that the submission offering most benefits to the City was a proposal to build a first class business hotel, together with a number of residences and an underground car park.

"The developers will be responsible for 100 percent of the funding.

"There's no way that the Corporation could fund this sort of thing on its own. It's a big step forward to get the private sector involved.

"We are also in close consultation with the Planning Department to ensure that, if the development is eventually accepted, it is sensitive to the needs of a very important site in the City.

"It is intended to make sure that the development dovetails into the City of Hamilton Plan and that the Par-La-Ville Park is enhanced.'' TG International Investments Ltd. President Glynn Shouldice is also confident that the scheme will get the go-ahead.

"It's absolutely vital for the city of Hamilton and Bermuda,'' he said.

"It will not be a conference centre but it will show the international business community just how serious we are. The spirit of the project is to work hand-in-hand with the planners and the Corporation because the building will have to stand the test of time. We want it to be the focal point of the City and it's got to be an imaginative building that will still be sensitive to its surroundings.'' A similar plan for a new theatre on the City Hall car park is also in the pipeline, although the project is still in its very early stages.

"Several proposals were received for the development of the City Hall Car Park site,'' Mr. Sharrett said.

"The one most favoured by the Corporation was for a national theatre with parking underground, but the group making this proposal is still in the process of exploring its viability.

"The Corporation has decided that a lot more consideration has to be given to this site and will be working closely with the Planning Department to establish a set of criteria for its development which might be incorporated into the new City Plan.''