Morgan’s Point Secure First Financing Phase

March 16, 2016

The principals of Morgan’s Point Ltd. today [March 16] announced that the first phase of financing for the upcoming tourism development has been secured through the support of three local companies.

“The financing commitment from Arch Reinsurance Ltd., Axis Specialty Limited, and Validus Holdings Ltd. will pave the way to start construction of the five-star resort development, which will include a 79-room, high-end branded hotel complete with restaurants, bespoke retail shops, and world-class spa; 173 branded private residences; and a mega-yacht marina that can accommodate 77 boats and 21 mega-yachts,: the company said.

Craig Christensen, president and chief executive officer of Morgan’s Point Ltd, said, “The support from these local companies demonstrates the confidence that they have both in our island and in our project. Their investment in Bermuda’s future has been a huge shot in the arm for our project, and will allow us site to assist in the revitalization of Bermuda tourism and of this historic site.”

Rendering of the development

MORGAN’S POINT Bermuda March 16 2016

“We are overjoyed that these icons of industry in Bermuda are so supportive of our vision for the next level of international tourism development for our island.”

A spokesperson said, “The Government of Bermuda has recognized the importance of this project and have been wholly supportive through the granting of a Government guarantee to provide assurances to the investors that this is a viable project that the Government is willing to stand behind.”

Deputy Premier and Minister of Finance Bob Richards said, “The movement in development plans for the Southampton peninsula is wonderful news for the island and is another indication of the growing business confidence in Bermuda’s future.

“The Government believes that as this project scales, it will be a key part of a significant stimulus to the Bermuda economy. Congratulations are due to the development team.”

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Comments (38)

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  1. Observer says:

    I’m curious to see if the developers have thought about storm surge. Some of the units pictured would definitely be flooded in the event of a hurricane. #justsayin.

    And on a positive note. I’m very happy to see some movement. Can’t wait to see more relating to this project.

    • Bermyman says:

      Agreed!

    • Observed says:

      No. Developers do not consider things such as can the whole property be flooded and destroyed. The engineers and regulations also don’t address this.

      Hopefully they see your comment though

    • Just the Tip says:

      I don’t think that they need to worry about the surge if that picture is what you refering to as it would be shield by the island.

      I agree it is nice to hear more about the project, I’ve been seeing the clearing work that they have been doing from the ferry.

    • Andrew Paul Scaife says:

      Whilst Surveying and traversing the vast amount of foreshore I can assure you that the Americans did an excellent job of shoring up their Base Lands at Morgan’s Point. They had some of the best engineering staff at hand I believe ;)

    • I heart 441 says:

      Correct me if I’m wrong, but this area is in a inlet, so I doubt it will get a full surge of floodings due to it’s location.

    • Billy Mays says:

      You know where Morgan’s Point is? Almost entirely surrounded by land, to the West, South and East, with minimal exposure from the North, not where storm surge typically comes from. This peninsula is low-lying, so it would be somewhat exposed to coastal flooding from a severe storm, but not storm surge.

    • Toodle-oo says:

      I think you’re all incorrectly attacking Observer . While he might have used the term ‘storm surge’ in error he was quite right in his concern about the flooding caused by the water piling up in a relatively large crescent shaped area of shoreline without any way for the built up water to escape .
      In the aftermath of Fabian the shoreline right next door at the Rockaway ferry and the old Commodore’s residence showed exactly how high the water rose there and the damage it did. The entire shoreline was totally scoured 7 feet above the normal high tide mark with soil erosion , trees torn out and extreme damage to the wall of the Commodore’s property and that was way , way above the level of the proposed development . At least as how they’re currently presented.
      In fact , when the ‘Admiralty’ designed and built Dockyard back in the 1800′s they factored this potential risk in . That’s why they actually created what is the last bridge going into the area . They opened up what previously did not exist from one side of the island to the other to allow built up water in a hurricane to relieve itself and flow away without causing extreme flooding to the Dockyard complex.

      Now you know !

  2. Vote for Me says:

    Excellent news.. congratulations to the Morgan’s point team.

    3 questions:
    1 – How much funding was provided by the local companies
    2 – How much is the government guarantee
    3 – What is the interest rate or funding terms of the arrangement

    For those that are asking, if the funding is a true indication of the level of confidence in the project, the government guarantee should be significantly less than the amount provided by the 3 companies.

    If the funding is fair, there should be minimal interest since government is guaranteeing the investment.

    • justin says:

      Where were you when the BIU underwrote that $10m performance bond that never got repaid to us taxpayers? If I had to bet on a horse I’d certainly bet on these guys over proactive construction co! Lol

  3. Triangle Drifter says:

    Looks to be a computer generated ‘artists’ impression. Has little to do with reality.

  4. San George says:

    Private benefit and public risk. This government can provide for friends and family; pathways and financial guarantees. How about a little respect for the law for us. Help some of these unemployed people to keep their homes.

    Quo Fata Ferunt – One Bermuda!

    • Zevon says:

      Can you remind us who benifited from Grand Atlantic?

    • serengeti says:

      “How about a little respect for the law”

      hahaha. Oh man, that’s hilarious. Coming from you.

  5. Vamos says:

    “The first phase of financing has been secured.” Does anyone know what this means? How many phases of financing are there, and when the financing is secured does that translate in to actual dollars for the project? How on Earth would they make money? Mega yachts won’t come because Bermuda is too isolated. The owners of mega yachts like to island hop in the Caribbean or travel the coast lines in Europe. Is this yet another fantasy project?

    • Jiggs Bda says:

      @Vamos, Strange how the Princess built a Marina and had yachts docked there all Summer.

      If the facilities are available they will come.

      Also it is precisely where Bermuda is located that would encourage the visits of Mega Yachts.

    • Zevon says:

      “First phase of tinancing has been secured”. Yes, very complicated. I can remember that DrBrown had no idea what that meant either.

  6. NEW ONION says:

    This would create lots of future job opportunities for locals. As it is a tourism development I assume in order to get a truly Bermudian experience they would employ local workers. Almost like old Bermuda days were hospitality was a big industry. I’m glad to see they have secured first financing phase.

    • Zevon says:

      If they have any sense they will hire the best, nicest, and most co-operative employees they can find. ones who don’t call in “sick” when they want a picnic.

  7. Andrew Paul Scaife says:

    As one of the lead Land Surveyors doing the closed traverse, Aerial Photogrammetry and Cadastaral surveying back in the day for Mr. Nelson Hunt and Co. I am extremely pleased to see this project gain the necessary funding from these three backing institutions . It seems to be coming to fruition and I applaud these three Bermudians perseverance and tenacity for never, ever giving up on a vision they have held for many years. Having worked on this sizable parcel of land for many months I know this will bring many new jobs to our depleted construction and tourism industries, just in the scale of the property. This is a very positive sign for Bermuda’s survival in the future. Bless you gentlemen.

  8. I heart 441 says:

    I hope the developers have looked into downsizing this large hotel due to Cuba being a significant threat to our tourism.

    • San George says:

      Why? They have a government guarantee!

      • I heart 441 says:

        Why…because once the US allows their citizens to travel to Cuba freely, it will have a huge dent in our ability to attract tourist from the US.

        • Jus' Wonderin' says:

          You can travel to Cuba freely now, just have to fit into the 12 steps if you’re an American, if not go through Canada or Mexico, etc. Easy!

  9. Aware says:

    Well done in linking 3 super IB supporters of Bermuda to a key tourism and economic recovery project. All working together for the benefit of Bermuda.

  10. All sounds well but, economically there will be no progress for the Island as long as the Unions etc. continue on chasing the $ away :-( The Bda. $ will be worth less than the J.A. $ if this ignorance continues on much longer…I thank God for allowing me option/s.

  11. Vote for Me says:

    Excellent news.. congratulations to the Morgan’s point team.

    3 questions:
    1 – How much funding was provided by the local companies
    2 – How much is the government guarantee
    3 – What is the interest rate or funding terms of the arrangement

    For those that are asking, if the funding is a true indication of the level of confidence in the project, the government guarantee should be significantly less than the amount provided by the 3 companies.

    If the funding is fair, there should be minimal interest since government is guaranteeing the investment

  12. Bill says:

    I would imagine that the exempt companies were appalled by the spectacle on the hill for the last 4 days.

    I bet there are a lot of second thoughts going around.

    This will not take off

    • Leaper says:

      You mean like the continual protests on Wall Street ? Every day down people are protesting down there for a variety of reasons. It’s not great but let’s not inflate things. Overseas CEOs aren’t pulling up stakes in Bermuda because of an expression of democratic free speech. Silver lining on this brouhaha is that we can express ourselves freely and openly disagree. #big-picture #antialarmist

  13. Bhallett says:

    I hope the developers, surveyors and architects are aware that the mean sea level world-wide is expected to rise by at least 6 feet over the next 35 – 50 years. Plan now.

    • skink says:

      And a comet is going to hit us tomorrow and wipe us ‘All’ out ;)

      • skink says:

        Oh sorry….my pen ‘Name’ should not be in use on BERNEWS now……..this is Andrew Paul Scaife……..and I will shoot from the hip :) …..all other posts will be by me……I assure!!!!

    • serengeti says:

      No, no. You’re not doing it right.

      You’re supposed to say the sea level is going to rise by at least 10 feet over the next 5 years. Or 15 feet over the next 3 years. Make it as alarming as possible.

      And you forgot to say that there’s going to be superstorms and monster tidal waves. Earthquakes and plagues of locusts. Don’t leave anything out.

  14. Vamos says:

    Would anyone like to place a bet with me? I bet this is not going to happen.

    • serengeti says:

      You will hate to see it, we all know that. All you want to see is failure.

  15. Lisa says:

    OMG YOU ALL HAVE SO MUCH HATE MAY THE GOOD LORD BLESS YOU ALL. JUST LOOKING FOR OTHER TO FAIL (SAD)