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Cannonier clarifies Grand Atlantic sale deal

The sale agreement with the Bermudiana Beach Resort's vision of repurposing the Grand Atlantic Development into a tourism property has been clarified by the Ministry of Public Works.

“I wish to clarify my statement that was made in the House of Assembly on Tuesday morning,” said Minister Craig Cannonier.

“The final conceptual presentation of the plans and feasibility data for the Grand Atlantic property has been submitted by the MacLellan & Associates.

“The Government is moving forward with their review and due diligence to ensure all conditions presented of the MOU have been met.

“The intent of the Government has always been that the project would include the sale of the property and a significant long-term investment in the improvement of the amenities of the property.

“The improvements will provide short and long-term jobs and economic growth to the Bermuda economy and help to stimulate the tourism industry.

“The current developer's budget for conversion of the property is $24.5 million.”

The ministry described the negotiations as being at a very sensitive stage. Once concluded, the full terms of an agreement will be released to the public.

An artist's impression of the proposed Bermudiana Beach Resort on the Grand Atlantic development on South Shore Road, Warwick

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Published March 18, 2015 at 10:12 pm (Updated March 18, 2015 at 10:12 pm)

Cannonier clarifies Grand Atlantic sale deal

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