The construction of a luxury five-star hotel resort at Morgan’s Point will provide job opportunities and career paths for Bermudians, according to developers.

The message from Craig Christensen, the president and chief executive officer of Morgan’s Point Ltd, came as the firm unveiled that the new resort would be called Caroline Bay, Bermuda.

The project, which will include a branded hotel, luxury residences and a mega-yacht marina, is expected to open in 2018.

Construction work has already begun and several local subcontractors, including Building Blocks Construction, have been hired to complete the preliminary land preparation work.

“With the funding in place and a five-star global hotel brand secured, the Morgan’s Point development is poised to bring a myriad of opportunities for our fellow Bermudians” Mr Christensen said. “We are so pleased that our project is providing many employment opportunities.

“Bermudians have been through a long and painful recession, and we are confident that this project will be a catalyst in pulling us out of these depths.

“In addition to an abundance of construction work, the hotel will open in late 2018 creating career paths for Bermudians aspiring to be a part of this unique luxury offering in Bermuda.”

David Durham, owner of Building Blocks Construction, said the development had already provided employment opportunities to Bermudians.

“Building Blocks Construction has been provided some great opportunities to work on the Morgan’s Point development,” Mr Durham said.

“First through the remediation cleanup of the facility though the Bermuda Government and further with Morgan’s Point Ltd where we have been fortunate enough to have worked on the site preparation as well as with the building of the Artemis Racing Base.

“Working with Morgan’s Point Ltd we have been able to pass on opportunities by employing Bermudians directly and hiring a number of subcontractors and various vendors.

“This has been a very positive experience for us and I am confident that I will not be the only company to benefit from this large development.”

Morgan’s Point Ltd obtained the land in 2008 as part of a land-swap agreement under the condition that the Bermuda Government remediate the site to residential standards.

Phase one of the two-phase project will include the 79-room luxury hotel, 173 branded residences; restaurants; a spa; high-end retail, and a mega-yacht marina providing slips for 77 boats and 21 superyachts

“After years of planning, it’s gratifying to announce this milestone project,” Mr Christensen said.

“Our intention is to recapture for modern travellers the storied, relaxed glamour of Bermuda during the 1950s and 1960s in ways that feel new, inspiring and are available nowhere else on earth.

“At the same time, we will celebrate our love of the sea and sailing — both with the upcoming America’s Cup race next year and the future mega-yacht marina for residents and transient sailors alike.

“Perhaps most important, as a native Bermudian, is that we will share unique insights into our distinctive culture, its art, music and food, while also making a difference in the lives of people who are and will be our future employees.”