Work Starts On Demolition Of Victoria Row
Work has “reluctantly” started on the demolition of Victoria Row in the West End, WEDCo said, saying that  they ”met with different groups and offered to let Victoria Row go for free, on the condition that it was renovated according to codes” but it “was simply not financially viable.”
A spokesperson said, “The West End Development Corporation [WEDCo] has done everything they can to save the buildings; they have approached organisations like Habitat for Humanity, the National Trust and even the Naval Dockyards Society in the United Kingdom.
“No group has been able or willing to assist with any financial support and although in principle WEDCo agrees with the preservation groups, they simply do not have the funds available.
“Recently completed surveys indicate it would take approximately $11m to renovate Victoria Row which would mean that the interest alone on the renovation for each unit would be $2,500.00 per month which far exceeds any rental return they may be able to earn.
“It is not easy to say ‘let’s demolish a building’ and WEDCo are doing this reluctantly. WEDCo has spent millions of dollars recently on renovating and restoring properties throughout the Royal Naval Dockyard and the West End, but this particular project is simply, and regrettably, not financially viable.
“WEDCo has met with different groups and offered to let Victoria Row go for free, on the condition that it was renovated according to codes. It was simply not financially viable and had it been, WEDCo would have renovated it themselves.”
People didn’t even want them for free…now that is saying something in this economy!
So what will replace it?
The brand new housing they built a couple of years ago. Remember them? The ones that the forecasts of revenue showed what a great project it was going to be….but the project that ignored the fact that the residents of the old place were struggling (and some in arrears)and could not afford the higher rents in the new development?
I would have thought that in the business plan they would have looked at alternative uses for the older buildings BEFORE starting the new ones….but perhaps that makes too much sense? This was a “Let’s get our kick at the can” stuff from the Lister regime. Quick, before the PLP loses the next election.
I hate to say it but WEDCO has destroyed so much of Bermuda’s history. Have tons to spend when it come to the AMericas Cup development but can’t keep Bermuda’s history in tact. Shame
At the same time wedco has spent many millions of dollars restoring Bermuda’s history. The money for the AC is all borrowed and has to be paid back.
nonetheless they have destroyed a huge segment of Bermuda’s History and even if he momey is borrowed yes it still has to be paid back and it could have been used for restoring theses buildings.
So a new roof, reccess all pipework and new interior is more expensive than knocking it down and rebuilding it? Those walls look like 18-24″ thick limestone!
the story says even when offered for free, other organisations could not afford the renovations, so I guess wedco has a point?
Did the general public know that it was being offered for free? First I have heard of this.
i wonder if that would have made a difference? after all the organisations mentioned didn’t want to take them on.
good question ,whats the answer??JUST THE USUAL SELECT FEW I SUSPECT.
Hopefully a nice green park with trees and birds.
IThe area is beautiful and the water views can continue on.I believe that it was meant to be seeing how you could not even give it away it would make for a wonderful open area.