Waterfront development price tag is $1.7b
A proposed redevelopment of the Hamilton waterfront would cost $1.7 billion, according to lead developer Allied Development Partners.
The biggest items in the budget are a $257 million luxury casino hotel and marina complex on White’s Island, and a $252 million business hotel on one of its six piers.
Other big ticket items include three commercial and residential buildings, with a combined budget of $372 million, and an $89 million “East Plaza” and a $61 million “West Plaza” both consisting of bars and al fresco dining facilities.
The developers propose a $53 million board walk across the length of the waterfront and a brand new $30 million cruise ship terminal.
Other amenities include a $57 million performing arts centre/theatre complex, an art plaza for outdoor entertainment and public art by local artists, and a civic plaza which would house an amphitheatre and a “dual purpose water play area and spectator seating” the proposal states.
And the developers propose an $8 million marina with docking facilities for mega yachts and a new ferry terminal budgeted at $7 million.
Another $45 million would be spent on transforming the City Hall car park into a multi level and underground parking facility. And $197 million has been allocated for relocating the cargo docks.
The development consists of 23 different components, each of which is to have its own financing structure, according to Mr MacLean.
“We will commit to further comprehensive market research and total business feasibility studies,” the proposal states. “Our concepts will be driven by sound analyses of the potential for return on investment and a full assessment of the overall impact on our economy, the environment, and our social infrastructure.
“Our business modelling will be based upon a strategic implementation of the short to long-term targets of our overall master plan. We will create a complete portfolio and business models of all of the varied components of the newly developed Waterfront Assets along with valuations and markets.”
It adds: “Whilst our primary focus will be our commitment to transform the Hamilton Waterfront into a 21st Century centre of vibrant, business, cultural, artistic and social activity, Allied Development Partners Ltd. will also commit to an undertaking with the Corporation of Hamilton to provide for (an as yet to be determined) meaningful investment into the significant upgrading of the city infrastructure in the area of North Hamilton.”
Headed by construction boss Michael MacLean, ADP won out over seven other respondents to the City’s RFP. It now has a 262-year lease for the waterfront and the City Hall car park, but the project has been stalled since City Hall announced their selection in January because of a stand off between Government and the municipality.
Government had insisted it could not carry out necessary due diligence without all the project documents which the City delayed providing.
Lead contractor for the project is listed as M&M Construction a 13-year-old company owned by Mr MacLean whose portfolio of projects includes works at Tuckers Point Club, the Prospect communication towers and the high end condominium building Rosemount City. But he would be partnering with Greymane Contracting, headed by Alex DeCouto, Botehlo Wood Architects and Kier Construction a global civil engineering firm with Caribbean roots.
Mr MacLean had a good working relationship with City Hall long before the waterfront project came along and had completed several projects for the City over the years.
But the waterfront redevelopment is Bermuda’s biggest project ever and is expected to take decades to complete.
Yesterday, Mr MacLean said that Government had received all the documents except the lease in March this year.
Government did not respond when asked when its due diligence process is expected to be completed.
ADP was formed specifically to bid on the waterfront redevelopment when the Request for Proposal was issued last year.