MOU Extension For Bermudiana Beach Resort
The Bermudiana Beach Resort has been granted a 90-day extension to the MOU, and the Ministry has also noted that the remaining lone occupants of the Grand Atlantic development have “thus far refused all offers to relocate. ”
The Ministry of Public Works said that they have been granted a 90-day extension to the Memorandum of Understanding [MOU] that was originally due to expire on August 14th 2014 in order to ”allow the strategic planning process to continue unabated for the repurposing of the Grand Atlantic Development.”
The Minister of Public Works Patricia Gordon-Pamplin acknowledged what she said was the “significant progress MacLellan & Associates have achieved thus far” and said that the Bermuda Housing Corporation [BHC] “applaud the efforts of the team.”
“Given the tremendous strides the BHC and the Developers have made to date, it is only prudent to extend the MOU for an additional 90-day period,” a spokesperson said.
“Many objectives have been accomplished in the first 120 days of the MOU including site visits from overseas interested potential stakeholders, applications for Planning approval, applications for Hotel concessions, engagement letters and letters of interest from contractors, significant progress in contract negotiations with an international hotel operator and notable interest from local banks, individuals and global capital markets. All related planning and Hotel Concessions Act applications concerning the repurposed condominium hotel development are being reviewed by the relevant Ministries at this time.
“The remaining lone occupants of the development have thus far refused all offers to relocate. The options given to the couple [Mr and Mrs Marshall] included an offer to transfer the family to a choice of properties valued approximately $200,000 more than their purchase price, a resale of their unit to the Government at a 35 percent return on their investment and an offer to have their unit independently appraised and purchased by the Government with costs borne by the Government. Talks continue to resolve this issue.
“In order to ensure a successful repurposing of the Grand Atlantic property with a proposed opening date of mid-summer 2015 for the Bermudiana Beach Resort, the developers , Bermudiana Beach resort and the BHC are collaboratively working to complete all obligations and ensure a successful addition to the Bermuda Tourism market.
“To date the project has generated positive global tourism investment interest and much goodwill in the community and media. It is important to maintain this positive momentum. The BHC and the Developers look forward to a successful completion of the MOU obligations and starting the work to transform the site into a significant tourism product. The project is currently programed to be ready for guests mid-summer 2015.”
Read More About
Category: All, Business, News, Politics
Comments (104)
Trackback URL | Comments RSS Feed
Articles that link to this one:
- PLP Oppose “Attempt To Displace A Family” | Bernews.com | August 14, 2014
- Second Extension Given On Grand Atlantic MOU - Bernews.com : Bernews.com | November 14, 2014
One word….GREED!
Yes greed of developer, special interests OF THOSE who want family out of their home
Are these de same buildings that de O.B.A/ubp wanted to condemn because of cliff erosion ?
Lie. Stop lying. And you’re still spelling your name wrong.
Yes, the really hideously ugly ones that drained the economy of about 50 million that sit virtually empty.
The same ones that were brilliantly conceived as a part of a 4 star hotel development, surrounded by “low cost” housing.
Fortunately someone is taking over that will shore up the cliff faces PROPERLY and then make lemonade out of the great big lemon it is now.
All but one unit are literally empty!
Obviously you haven’t been informed Kunta. That possible problem is something that outside investors are willing to rectify. e.g. by spending their monies and not our when shoeing-up the danger surrounding the embankment. Now that is the difference.
the not de
If the OBA “lied” and the PLP told the truth , then why didn’t all the PLP supporters including you go out and buy them?
By the way, they are doing some erosion control and adding some reinforcement.
this couple must be union members holding this project back by being greedy. 35% return on investment sounds pretty good as a lot of Bermudians are losing their homes.
The Marshalls refused a 35% ROI?! That’s better than anyone else on this island will ever get thanks to the PLP manipulation of the housing market.
ROI on investment is not real when you are not getting in return like for like. Further more when theypurchased the property they did not expect tohave to sell. where r they going to get a house with the like for 600K
They have been offered another BHC property of value up to over $200K over what they bought that one for or the sell for what they bought it for plus 35%. Please define to me how that is not a Return On Investment, when in either case they are would be getting back an increase of value over what they paid, off a property that has in fact devalued. How do you define ROI?
They do not in fact have a house now, they have a condo, and the starting price of $450K up, means they could get a condo from the BHC pool valued from at least $650, or they could try the open market, but would have to get something at just above $600.
You are correct, it would be hard for them to find a house, but as they have a condo now, they would probably find another condo within their budget.
So how much is your home worth? Living in an apartment? Or did you sell your house?
Oh wait, it’s NOBODY’S BUSINESS. Leave this couple alone – they didn’t ask for this and they have the right to refuse whatever they want.
And the Government has a right to make a compulsory purchase for a value below what was offered.
They should try it with you gunslinger . That is if you own anything .
Tucker’s Town re-visited but this time the owners of the one housing unit who the OBA government would to see the back off; are standing firm fully aware of their property value but more importantly it’s potential future value.
One thing that is never talked about when the question of the Tucker’s town land acquisition and how the people were suppose to have gotten fair value for their land? that one thing was the potential future value of that land. Look at it today a billionaire row; a true gated community where Bermudians are not allowed to sat foot in unless they work there; an area where not even the sacred dead of that former community is allowed to rest in peace. This same OBA government has dish out millions of tax break dollars and concessions to it’s favour economic friends and would e developers; yet is reluctant to give true value to the Bermudian couple that owns the housing unit up at Grand Atlantic and I mean total value which includes any future potential value; something that was never afforded the community that once lived in Tucker’s Town. One dear departed grandmother once told me a story of the time land was taken from Bermudians and the resistance put up by one man who refused to go and give up his land and how it was almost a death watch on the part of other Bermudians as they watch and asked the question;’Is he gone yet? Days later that question was answered as American Bulldozers swept his house and every other thing into the waters around there. This must not happen again; that Bermudian couple must not be allowed to stand alone. This time instead of watching; we should be prepared to be up there with our signs and placards and they should read no more TUCKER’S TOWNS!!!!
Utter bloody crap Alvin. Compulsory purchases happen everywhere. They are standard. Every seller is unwilling. But they happen anyway. It isn’t racist, and it isn’t immoral. These people will get well rewarded, and they want ‘future value’ they can invest the proceeds in other property.
Shut Up with this contrived juvenile dribble.
Alvin , while I wouldn’t want to be in their situation right now they’ve gotten two golden offers .
Remember , real estate value has plummeted in the last few years and I wager that it will continue to do so .
To be offered a place valued at %200k more than what they paid OR 35% more than their purchase price while real estate prices have fallen is an offer not to be turned down .
My bet is that should you live to be 200 years old , in 100 years time you’ll be regurgitating fables about this incident to people who are ignorant of the truth claiming they had their land stolen from them .
Your first statement shows a tremendous lack of insight into how property values work
“standing firm fully aware of their property value but more importantly it’s potential future value”
If they were aware of their property value, then they would know that it is near worthless on the open property market. It is only of value is someone what’s to buy it. The fact they were the only ones to buy in the years they were available means no one want to buy it, so their property value has in fact gone down. The offer being made to them is probably about twice it’s actual residential value right now, and given that no one else lives there, maintenance to the whole estate will be $h!t and as the other properties fall to disrepair, their property value will only decline in the future.
There are a couple of reasons they could only be declining at this point:
- they haven’t been there long enough for any sort of emotional attachment that can’t be topped by offer that has been given to them, so maybe they like the quiet of not having any neighbours?
- they are holding out for a better offer, in which case, kudos to them, but they may not want to hold out to long, because
- there may come a point that they find themselves subjected to a compulsory land purchase. However if this is the point of this exercise, so that they can cry victim, and try to place themselves in the set of victims of historic land grabs, this would just make them selfish and pigheaded.
My advice to them, is not to let this go too much further, you have good deals presented to you now, you might get a slightly better, but it won’t get too much more. Look at your options, you can find a better place and get them to include moving expenses. And if you are holding out just so you can cry victim, hope they only give you current market value so you will be reminded of the folly of vanity.
Alvin, go back under your rock bie’ If you didn’t know this before I’ll inform you now. The owners of Black Horse in St. Davids have houses out here in Tuckers Town and yes inside”gated area” where you claim Bermudians aren’t permitted. There are many Bermudian families earning a handsome wage behind that “bar and security gate, including the security firm whose owners hire only Bermudians…If you don’t believe me, ask for yourself and stop spreading your stories and tell the true history…
Mr Ray it’s obvious that you have never worked in Tucker Town there are truly 2 Bermudas stop pretending we are all grown it’s okay SMDH
To you, what I will say is, “you can only envy my life”
Wouldn’t even waste my time on such an emotion grass always looks greener ask Robin SMDH hahahahaha
Grow up Alvin.
Left as is their property will most likely decline in value. sounds like they are hanging out for some extra. Currently they enjoy an uninterrupted large piece of land to themselves. Of course that won’t always be the case.
If they genuinely just refuse to move, then that’ll be sad all round. For them and Bermuda.
The PLP disaster will be left on display for all to see, and people in that area will begin to blame the occupants for the increase in crime empty buildings encourage, the loss of revenue to businesses and loss of potential jobs.
Is it in Bermuda’s and Bermudians best interests for that site to stay as is or to be turned into the proposed development? Ask yourself. I wonder what the local community around the site think.
I knew it would not be long before this PLP set up would reveal it self.
LOL
Alvin, with all due respect, they didn’t buy the place thinking a developer was going to come in and turn it into a high end resort. They bought it as an affordable residence which quickly went south on them. The value of the property if left as is would probably be far less than they paid. This is what most people would call a fortunate blessing to be able to cash in on the future potential value the property may have, which is not guaranteed! If the owners wish to participate in any future increased value due to the upgrades they would need to pay their fair share, as is the case with any condo. I doubt they’d be keen on doing that as it would likely be a large sum of money.
And as Disappointed says, it is a pity their names were mentioned. This is a private matter.
There are a lot of Bermudians that live in Tuckers
You need mental help
It is disappointing to hear that the couple occupying this unit have had their laundry aired all over the news. The details of the negotiations between them and the Government should remain private, including their names. I don’t see what business it is of anyone else’s.
the owner contacted the news
It’s an intimidation tactic by the OBA government. Taken right out of the handbook of the UBP.
Also, unless they are offering a property that’s as good as and that they keep their same monthly payments and conditions, I say stand your ground! They need the same view, the same size, etc. to begin to be fair.
The owner contacted the news and divulged the information. Listen to the radio.
Is that an intimidation tactic on their part then?
The person/persons will move,they just want a big pay day. This compulsory purchase will be watched closely!
Mr. & Mrs. Marshall, please do the right thing for Bermuda, and cease being so darn stubborn
no why should they have to sell their property when they bought it they wanted to retire there. They are not being stubborn just protecting themselves.
You all seem to have forgotten how the Butterfield family had to move their cement business from Dockyard because the Progressive Labour Party had a different plan in mind…But, the cement is still being issued from there by the “friends and family members…”
Not a problem…let them stay there,,,Then we develop around them because they don’t own it all,although it might feel like it to them at the moment with no one else around, and when the shore line becomes a safety factor, we evacuate and leave them to fend for themselves, while we others sit back counting the projected profits from our little project. Simple passa.
I usually agree with most of your posts Raymond but your wrong on this one.
Maybe this is where they wanted to live with the view et al.
Maybe they don’t want to live on Spring Hill Warwick, Sound View Road, Ord Road, at the bottom of Trimmingham Hill, Sousa Estate, Spanish Point.
Damn right. I would tell em to piss off also.
An opinion.
Shalom.
But compulsory purchases happen, and that is what is likely here. They’re doing well out of it. Better than they deserve to, given the complete failure of the development. They made a very unwise investment and are being rewarded handsomely. To me, they appear to be greedy.
YA! Bo…wass wrong wiff you bie!maybe they wanna live at da “bottom” of MacHermans Cliff…lol
Be quiet Mr Ray we all know what you stand for you have shown your a@@ too many times go lay down SMDH
Excuse YOU? Just because YOU think something is right for Bermuda doesn’t mean this couple has to bend over backwards for your @SS!!!
I’m sure they had long term plans when they bought this home and I’m sure it DID NOT Include facilitating the opinion of JOE PUBLIC!
Stand Up Marshalls! You bought that house fair and square and should not be inconvenienced for it!
So make the Mashalls homeless so that ‘Bermuda’ can prosper? Shame on your logic.
How are they going to be homeless? Did you even read the article, particularly the 6th paragraph?
How will they be able to afford a house for $200k in Bermuda? Prices haven’t dropped that much. An yes homeless maybe a stretch, but they won’t be home owners with $200k in Bermuda.
You need to actually read the article. You’re confused again.
Shows again, that you didn’t read the article.
Homeless?
They have been offered properties $200k more than their original purchase price as well as a potential 35% ROI.
Far from homeless and far from going broke.
These properties that they were offered, are comparable to where they are living now? Same monthly payments? Same # of bedrooms? Or will it be a downgraded version of what they have now? Or do you think they should just be grateful to get an offer to pick up their lives and move because the OBA said so?
Homeless? They’re making out like bandits.
Bandits? They haven’t stolen anything. The government is trying to force them out to make a profit. I think you have it confused who’s the bandits here.
I think we can see who’s confused.
Not a matter being stubborn they purchased it’s theirs. If Govt want property paid the rate for three bedrooms with ocean view. Would Minister Bob Richards sell his house in the same area for $700,000.00. I dont think so.
i aink sure but …do they own it…or the bank?..jus seekin clarification… understand me now, don’t get me wrong .
As a finance person, if he could sell/trade his house for anywhere from 35 – 45% over what he paid for it, when it’s value has in fact gone down… yes, he most likely would.
Who wouldn’t sell for 35% more than it’s worth?
Answer: someone who is hanging out for 50% more than it’s worth. Greed.
So when can we expect it to fall into the ocean! Or was that just a story sold to us so interested parties could flip it and make a profit?
With cliff side erosion it will eventually fall away, it is not Tuckers Town and will not be more valuable in the future because it won’t be there. At least making it into a hotel of sorts we can recoup some of the money that was spent there and then when it falls into teh ocean it won’t be a total loss.
Tell me who would put a hotel on the property you just described! Who would build a resort/hotel on ‘dangerous’ property?
Tell the truth and shame BEST/OBA/the devil!
You really are simple. The barrier wall in place now is no more than 12ft tall. Have you seen the waves in a hurricane? They are far more than 12ft. This developer will spend the money on creating a bigger barrier to protect their investment. As it stands, given the first hurricane we get next, we’ll lose 5ft of that land at least. I personally know of a property in tuckers town that’s swimming pool is soon to become a salt water pool for the same reason. Don’t let facts get in the way of your conspiracy though.
Did any of what you described happen when Igor was here?
The facto That investors can fix the wall, made me wonder why people didn’t allow the government to fix the cliff. And what’s the difference between this cliff and the condos at the reefs? Do the cliffs like Dodwell better than the PLP?
Igor was nothing! Try another Fabian, or have you forgotten about the causeway and the road by spittal pond.
The reefs has nothing to do with this, it’s privately owned and likely built well before building standards were raised.
Interested parties??? There wasn’t any flipping
Good question. I, too, am waiting for the cliff to erode and see the buildings swimming in the ocean.
BEST and the OBA both proclaimed cliff erosion was an imminent threat, and one big hurricane could signal the end for this property. So why is further development being allowed on such a dangerous piece of property?
Also, why is there no such concern about the Reefs? They are situated on the same system of cliffs. Why was there no concern about cliff erosion here?
Have a quote of the oba proclaiming cliff erosion? Thought not, because they didn’t. This was brought up before, catch up.
The OBA dud not make any claim about erosion. That’s another PLP myth.
You PLP/BIU people love myths don’t you.
the Reefs Club is PRIVATE investment money
The Grand Atlantic was/is Public Money
Now do you see the difference
Because it’s own by a UBP/OBA aceboy.
So I guess these people will just have a hotel built around them.
The details of the proposed payment to Mr. and Mrs. Marshall are quite interesting.
Can we have an equal level of detail on the proposed lease to the new owners of the development? If we listened to all of the naysayers, there are serious issues with the foundations of the units. What financial relief and concessions have been granted?
Free advice to the Marshalls? Be careful and deliberate when making your decision to move. Ultimately you will be required to move so make the best deal possible. Best case is to probably get to a new house that you like, without any increase in your mortgage payments, with government footing the bill for any stamp duty, mortgage or relocation costs.
The government comment about a 35% return on investment sounds misleading. If the Marshalls paid say a $30,000 down payment, they would receive $40,500. That is unlikely to position them to get a new house or condo. If government is basing the 35% return on the full $200,000, their receipt might be $270,000 but that is unlikely since their investment is only the down payment, not the full value of the initial value of the house.
The devil is always in the detail….
A 35% ROI will give them $845k yet Government wouldn’t give them an $895k property? This is being held up for a measely $50 grand.
Or what else are we not being told about this???
Why should they move?
Pay them a premium to leave their home since it will be made 5 times more valuable as part of the OBAs new tourism strategy
If the ine condo was bought by a white couple with the surname trim – ing or ham they would be paid $1,000,000 to leave based on the concept of comparables as established by RCIS rules if there is no immediate like for like property for them to move to
More utter crap.
They’re being offered way more than it’s worth. They’re now just being greedy.
You people hate to think this might succeed don’t you.
Very surprised that the Govt made public its negotiations with the home owners. Also very surprised they made their names public. It should all be private.
The owners contacted the media.
heck I wish someone will offer me 35% above market value of my piece of crap condo!
What an investment that one unit sold has become, bet a lot of folks are wishing they had bought one.
If a lot of folks had bought one, we wouldn’t be in this mess.
I guess it was an OBA/BEST fable that these will fall into the ocean.
I hope the people that live there will get the maximum they can receive!
OBA never said that … that PLP fanboy myth has already been busted. Were you not paying attention?
You are all dreaming and the government is leading you down another path. Only a fool would invest money in a hotel in Bermuda. Unless you are the Green’s with your own money, forget about it.
Brazarian all over again.
When the money gets deposited in a bank in Bermuda the owners of that property should get a price they can’t refuse. Until then, let’s stop this.
They have been given an amazing offer as it is.
I bought a condo in 07 for $625 and thought I got a deal. I’d love to get 35% profit back on mine – in fact I’d love to get the original $625 for it – but the bottom fell out of the market. Message to the Marshall’s: If you paid $625 and are now being offered $845 – you are idiotic not to take it. Simple greed is what this is. I’m glad you have been named and shamed.
You are holding up the process due to simple unadulterated greed and you shoudl be ashamed.
My exact / same sentiments Mr. James Herald: “You are holding up the process due to simple unadulterated greed and you should be ashamed”.
Ray speaks like someone who has everything but doesn’t own anything . Herald speaks like a person who knows the price of everything but the value of nothing !
Tell me (us) who you are so I can invite to join me and then I can show you what my name is on as part owner of…(I’m married)
Coffe: You speak as if you have no level of intellect at all. You have no point – you are as boring as cold coffee.
You sir should be ashamed why should they not get more when they pay off this condo where will they find another 3 bedroom 2 bath for how much 200,000.00 and some change please the government needs for once to be honest and pay them. To take that one sided approach you are offering would be idiotic SMDH
Let’s say that they take the “deal”, after they payoff the current mortgage of $500k how will they be home owners in Bermuda with $300k? What kind of mortgage will they get that they can afford? Oh and will their new house be comparable to what they are leaving?
No, you see the 35% as an advantage, they still are a family and I’m assuming that they can’t afford the average $3k mortgage payments which is why they were in subsidized housing to begin with.
But no one cares what happens after they move, because people believe what’s coming is going to be better for Bermuda.
If they Marshalls didn’t want their business shared, they shouldn’t have contacted the media. 35% is an amazing deal for an investment in these economic times. They will be able to get more than what they have now with that type of return. Quit being greedy and holding this project hostage!
Everyone else is seeing their houses go down in value because of the PLP. This couple are very,very lucky!
It seems these PLP supporter are towing the PLP line to ruin Bermuda. 35% gain on their property, I’d jump at that. I recently had to sell my house at about a 30% loss.
Hmmm If I am bless to live for another two hundred years I am going to see an independent Bermuda for sure and oh the demise of the anti-Bermudian one term OBA government will probably be recorded on a laser beam.
i smell pharmaceuticals…pff
Friends and Family- Raymond Ray have being in existence a long time before the PLP was accused of it. The Butterfield family got that cement plant in the bad old days of the United Bermuda Party government during which by the way Mr. Butterfield serve as a long time chairman. And speaking about doing something for Bermuda Raymond Ray-How about this government committing itself to long over due tax reform?
Tax reform? That is left wing speak for income tax. Another nail in the coffin.
So let me get this right…. They fought to get people into the place & now they’re fighting to get people out of the place????? LOL!!!
If not mistaken,(and I can be)but wasn’t that area controlled by H.R.H. Navy “back in de day”
So shore up the cliff,build de unicks…get on with it,put new holes for longtIl and cahows in th work done,get vingate to design them with drainage,but let us see the proposals,cause plNning has dimminished responsibility,they are led by miss haven’t a clue Pryce.
Greed is the only motive they are not taking the offer. They want to take us tax payers to the cleaners. Where do they think the buyout is coming from.
Without the project moving forward their place is worthless.