Ambitious plan to transform St David’s waterfront

A businessman has unveiled an ambitious redevelopment project that he says will reinvent the East End. 

Dendrick Taylor believes his $2 billion dollar vision to turn Marginal Wharf in St David’s into a five star condo hotel complex will transform the tourism industry in Bermuda.

The boss of First Ocean Marketing Inc has also drawn up plans to build a fleet of three custom made mega yachts that would sail between the east coast of the US and St George’s and Hamilton.

He told the Bermuda Sun that he had secured financial backing for the projects from overseas partners — but Mr Taylor would not provide further details about who they were.

He said: “I have met and presented the plans to overseas partners, and they seem to like what I have presented.

“But they want to lay low for a little while.

“The first step in this process is the purchase of Marginal Wharf from Government or the BLDC and the rest will follow from there.

“This would provide Government with much needed revenue, and provide us with the opportunity to expose the true potential of the Marginal Wharf site.

“I am hopeful that funding for this project will be verified within the next month.”

Mr Taylor’s plans involve the construction of hotel, convention centre and luxury yacht marina at Marginal Wharf.

An artist’s impression of the proposal also includes private yacht berths, water taxi docks and extensive parking.

While the second stage of the project would see two motorized and one sailing yacht built to bring in a new influx of visitors into Hamilton and St George’s from the east coast of the US.

Captain Taylor received a quote from Oceanic marine Group on the construction of the vehicles.

The yachts

The 2009 quote priced the three yachts out at 690m Euros or Just over $905m.

The 105m to 140m and would carry between 200 and 250 passengers. The 2009 cost would be 200m Euros

The 121m to 140m motor yacht would carry between 350 and 400 passengers and cost 210m Euros.

The 180m to 200m motor yacht would carry between 500 and 600 passengers  and cost 280m euros.

He said: “These upscale ships will carry around 1,500 passengers into Bermuda each week, or even more often.

“They will provide employment opportunities for Bermudians and because they are smaller than the traditional cruise ship Town Cut would not need to be widened to accommodate them.

“Our plan would be to hire a management company to operate the ships.

“We estimate they would cost around $1 billion and we would hope to have them in service within three or four years once the contracts are signed.”

Mr Taylor said he had been in talks with Coldwell Banker about managing the sale of the condo units.

Jack Kripl, a sales representative for Coldwell Banker, told the Bermuda Sun: “We would be totally supportive of Mr Taylor’s efforts once we are shown that the funds are verified and in place. We have made Government aware of the possibility of this project, but it all depends on the funds being in place.”