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Optimism that Grand Atlantic solution is near

The Grand Atlantic development in Warwick, where only one unit has been sold since the project was completed.

The Bermuda Housing Corporation is currently in “sensitive discussions with enthusiastic, interested investors” for the Grand Atlantic Development.

Just one unit was sold at the Warwick site, criticised as a “white elephant” after consumers failed to snap up units that were billed by the previous administration as affordable housing.

Public Works Minister Patricia Gordon-Pamplin said the defunct housing project has nonetheless managed to draw “both local and international interest” from parties “keen to manage the future of the development”.

“The development, consisting of sixty 60 two-bedroom units and 18 three-bedroom units, is currently not available for sale to individuals interested in purchasing their own homes in the local real estate market, but instead the property is reserved for local and international creative ideas that will not compound the problem of the number of empty condo units that currently exist on the Island,” the Minister told MPs.

Responding to Opposition questions about Grand Atlantic, Ms Gordon-Pamplin said she would update the House in the near future.

“Maybe not on Friday — but certainly when the House resumes,” she said. “It’s closer than it was.”