$2bn Morgan's Point project to create jobs boom

This is the promise of the developers behind the proposed five-star tourist resort.

The “benefits to Bermuda” were announced as Government and developers Southlands Ltd. signed a land swap deal at the Cabinet building this week.

This exchange agreement paves the way for Morgan’s Point to be handed over to the company’s directors for the much talked-about luxury development.

It means the private Southlands estate in Warwick, which was suggested as the original site, will become public property and be turned into a national park.

It is estimated about 1,000 construction jobs will be created throughout the 20-year development period, as well as about 1,000 hospitality jobs when the resort is fully opened.

An estimated $115 million in duty and taxes will also be paid to Government in the first three years.

Marina

The resort will include a boutique hotel, a resort hotel, a marina hotel, golf course, condominiums, shops, restaurants, conference centre, boat club, a pier and marina.

Premier Dr. Ewart Brown vowed Government would do everything it could to ensure success of this project.

The plans, which have been in the pipeline for about three years, still have to go through Cabinet with the legislation drawn up by the Attorney General’s chambers.

But Dr. Brown said Morgan’s Point will be “among the first matters considered” when the House of Assembly returns.

Calling it “the next wave of resort development”, he said he understood the value to Bermuda’s economy of hotel guests rather than cruise ship passengers.

Dr. Brown added: “Bermuda is on its way to positioning itself for significant tourism success. Projects like this at Morgan’s Point will lead the way in that effort.”

Derrick Burgess, Minister of Works and Engineering, shared the Premier’s “optimism and excitement” about the resort.

He described the former U.S. 243-acre naval base as “a precious tract of land”.

Minister Burgess added: “I have no doubt the proposed new development will do much to enhance our island’s tourism product and assist in ensuring that Bermuda remains a destination of choice in world tourism.”

Craig Christensen, CEO of Southlands Ltd., said: “We have always envisioned an exciting tourism product for our island and we believe Morgan’s Point will be a significant development that all Bermudians can be proud of.”

The exchange agreement was signed after a very public falling out between Government and Southlands Ltd. earlier this year.

The Southlands directors are Mr. Christensen, Brian Duperreault and Nelson Hunt, plus their overseas development partners John Ryan and Egbert Perry.

Mr. Duperreault had complained about delays, accusing the Premier of not wanting the land swap to take place.

Government responded by saying a viable plan had not been drawn up.

But at Monday’s press conference both sides were all smiles, with Dr. Brown saying the spat had “made things better”.

He added: “Good things have come out of intelligent people resolving their differences. If everyone had said yes, yes, yes, we would have had a boring product.”

Three yet-to-be-announced big-name hotel chains are said to be interested in running the Morgan’s Point development.

Mr. Ryan of the Ryan Group said he hoped Bermudians would support them to make the development “a great success”.

He joked that “negotiating with the hotel chains makes working with the government seem easy”.

Construction will begin once the contaminated parts of the site have been cleaned up.

The first phase will be the boutique hotel, which is expected to open in two or three years.