Mixed-use housing schemes to be allowed in all of Hamilton
An effort to encourage housing development within the North East Hamilton Economic Empowerment Zone will be expanded to the entirety of the city, David Burt said in Friday’s Budget.
Amendments to the Economic Development Act will encourage construction of mixed-use residential schemes to be built throughout Hamilton after earlier changes failed to bring in desired results.
The Premier said: “Approved residential schemes are restricted to the Economic Empowerment Zones in Somerset, St George’s and Northeast Hamilton.
“However, those areas have not seen the progress that I sincerely desired for this initiative designed to provide more housing units.
“Though the team at the Bermuda Economic Development Corporation continue to work diligently to advance this initiative, it is necessary that we expand the areas where improved residential schemes can be constructed.”
Approved residential schemes will involve large mixed-use complexes of homes and businesses.
Mr Burt said the expansion would encourage private sector investment into housing that would complement the Government’s efforts.
He assured the public that efforts to improve the Northeast Hamilton EEZ would not be abandoned, adding that the zone would have benefits for building housing schemes in the area not found in the rest of Hamilton.
Hamilton units instead would be available for purchase by residents, businesses and international groups without restrictions.
Mr Burt said: “It is the duty of the Government to look at what is working and to see what can be done better.
“As we take concrete steps to increase the working population in Bermuda, we must ensure that this does not further raise the cost of housing, causing distress for many working families.
“This change will increase the available spaces that can be developed for approved residential schemes and incentivise the private sector to start developments that may have been stalled due to a lack of possible purchasers.”
The Government’s Uptown Development Authority, which opened last September, will help point developers and investors to available spaces within Economic Empowerment Zones.
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