Government closer to decision on future of Grand Atlantic – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Government closer to decision on future of Grand Atlantic

The list of proposals for the future of the Grand Atlantic project has been whittled down to four, with a focus on tourism.

Addressing the House of Assembly this morning, Minister of Community, Culture and Sports Wayne Scott said the Bermuda Housing Corporation (BHC) originally received eight proposals.

“To date, four entities have been shortlisted for review, with emphasis being placed on tourism use,” he said.

“The process of discussions with local and overseas investors interested in the purchase of the Grand Atlantic property is entering the final stages of sensitive negotiation.

“The BHC has facilitated the viewing of the property for overseas investors and their local partners during the past few months.”

He said that the investors were impressed with the recent viewings and have agreed to submit formal written documentation confirming their interest, along with the envisioned costs and benefits for Bermuda.

Mr Scott also told the House that each of the interested companies have a “Bermudian component”.

The Grand Atlantic condo complex on South Shore, Warwick.

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Published September 27, 2013 at 1:13 pm (Updated September 27, 2013 at 1:16 pm)

Government closer to decision on future of Grand Atlantic

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