BEST: Real Numbers at Tucker’s Point?
[Updated] The Bermuda Environmental and Sustainability Taskforce [BEST] say they have “unearthed some very disturbing issues” arising from the government’s proposal to grant an SDO to Tucker’s Point Resort [TPR] to build 78 new luxury houses on environmentally protected land.
BEST said: “The biggest problem is that the financial information released to date makes the whole discussion a complete waste of time.”
“If it is correct that losses at TPR have been so massive that TPR now owes in total more than $150 million, but the hotel itself is worth at most only $60 million, then it seems a complete waste of time to be discussing the building of new houses and condos when, with even very optimistic projections, the profit from building new houses can only make a tiny dent in TPR’s massive debt outstanding. This means that TPR looks to be going bankrupt anyway, so why is the government even considering granting an SDO?”
“The proposal becomes even more worrisome when you consider the devastation that the granting of the SDO will cause,” according to BEST. “The granting of the SDO will not only hurt Bermuda environmentally but it will also (i) cause all homeowners in Bermuda to suffer a loss in value in their homes (i) hurt tourism, and (iii) hurt the workers presently employed at TPR.”
BEST said that only the public release of Tucker Point’s financial statements can clear up this matter as “Without this information neither the public nor the legislature can have a meaningful discussion of the costs and benefits that will flow to Bermuda from the granting of the SDO.”
Last October BEST said they were concerned that a “major development is being negotiated in secret,” claiming there is a “proposal is for a large-scale residential development at Tucker’s Point on lands protected by Nature Conserve, Woodland Reserve and Coastal Conserve designations.”
The Planning Ministry has answered new criticisms from BEST and the Bermuda National Trust concerning the environmental impact of the proposed exanpsion at Tucker’s Point, saying “stringent conditions” have been attached to the in-principal approval for redevelopment of the property.
In addition to the environmental concerns, Citizens Uprooting Racism in Bermuda [CURB] have strongly condemned the proposed SDO saying: “Once the home for centuries to a majority of Black Bermudians, and which was forcibly taken away from them, will be the scene of money-making activity yet again, with 78 residences (starting at $3.2M) and 70 hotel rooms being build across the 240-acre site.
In the near-term, Tucker’s Point would develop and sell single units as part of a three-lot subdivision on Glebe Hill in Hamilton Parish and seven single family home sites on Paynter’s Road, South Road and Harrington Sound Road. Tucker’s Point also seeks approval to develop nine sites of single and attached housing on Paynter’s Hill.
The SDO will likewise enable Rosewood Tucker’s Point Resort & Spa to expand its current 100 guest room inventory [configured as 88 rooms and suites] by 50-70 guest rooms and suites on the adjacent Quarry Hill site. The actual number of additional rooms will depend on geophysical studies of the site and tourism market conditions as the expansion gets under way.
Tucker’s Point’s long-term plan aims to redevelop Whitecrest Hill, which has to date served as the water catchment for the resort, as a Rosewood residential community. It presently has in principle Planning approval to build 42 sites on Whitecrest Hill; the SDO would add to that number by 15 home sites.
A statement from Tucker’s Point said that: “Not only is approval of the SDO critical to the financial viability of Tucker’s Point, it is a condition for finalizing the agreement with Rosewood Hotels & Resorts.”
Update 11:26am: We asked Tucker’s Point to comment on the claims made by BEST, and Mr Ed Trippe replied: “Their economic analysis regarding Tucker’s Point and Bermuda’s hospitality industry is flawed. BEST mentions a figure of the value of Tuckers Point. I’m not sure where that number came from, but it is incorrect.”
“In yesterday’s RG Letter to the Editor we cited Tucker’s Point’s investment of $300 million in the resort (hotel, spa, golf, beach and tennis, fractional ownership, and the infrastructure to support the resort) – a very significant investment by any measure, even in a distressed economy. The naysayers predicting doom for Bermuda need to be realistic and support Bermuda’s tourism industry if it is to grow. The alternative puts the entire economy at risk.”
“The way forward is to embrace the new Rosewood Tucker’s Point Hotel & Spa and all that a successful Rosewood hotel will do for Bermuda. The model created by Tucker’s Point, including a mixed-use development, is a sound, internationally-tested model, and will be successful for Bermuda if other new high-quality hotels are to be built here in the future. Tucker’s Point has been and will continue to be a diligent steward of the environment. As Minister Roban has stated, the SDO represents an “in principle” approval. For development to go forward, it will be governed by the very strict covenants contained in the SDO and the planning requirements inherent in Bermuda’s Planning Act.”
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Is there even any reason to discuss/fight this proposal? We all know that this gov’t is going to do whatever they want regardless of what the people want. What a shame. How have we gotten to a point where our ‘elected’ officials don’t stand and fight for our wants, but against them. I guess when they got into power the island became theirs.
Aren’t the independant Senators able to veto any BS SDO comming from parliment? Can we lobby independant senators to ensure they do what is best for Bermuda? If Bermudian owned Belmont Hills weren’t given any assistance, why the hell do foreign owned Tuckers Pointless being helped? That group are seasoned cut throat businessmen, let them sink or swim on their own for the same reasons I can’t develop my .5 acre garden into condos for foreign ownership!
I’m no fan of the UBP but if it were them, all types of s&*t will be happening to stop the influx of foreign ownership/development of protected green spaces.
Why doesn’t the government poll the people of Bermuda to see if it is development or nature that they want to protect? My guess is it would result in the latter.
Surely details are irrelevant as the SDO appears to be a last gasp measure to help HSBC try to avoid a massive write off to their loan and save face for several high visibility people who have their own vested interests. Let’s back up Stuart in his demand for disclosure. How about learning from the BIU and threaten a blockaid of TPC.
Of course, this pressure is being brought by the ex-Premier’s brother…
Y’all gonna get the REAL NUMBERS on Friday when the COG’S BUDGET comes out!!!
“4) This area, as we understand it, includes lands from which mostly black families were forceably removed in the 1920s to enable the promotion of tourism. It is a betrayal to now allow these lands to be sold off as real estate.”
The above is one of the five (5)concerns that BEST had put forward in a previous press release to the public.
1) I believe that Mr. Hayward should explain to us (when did he “Understand that some of the lands was forceably removed from mostly black families in the 1920’s)
2) If he had previous knowledge of those activities, why he and BEST have not made a concerted effort to have those lands returned to the present day descendants.
3) What is Mr. Hayward and BEST’s motive for relating the subject to the SDO.
I believe that the statement is political motivated and disingenuous.
this is a jackass comment
As are all your statements. You fight for the establishment every one else is fighting for the country. By the way if the PLP are so pro people of Bermuda why have they not done #2 in your post and literally………….
LOL
LOL (original),
If you took out the time and read what I wrote you would notice that there is no indication that I support the PLP or SDO. I’m merely stating my opinion on Mr. Hayward’s and BEST statement regarding the land owned by Black People prior to 1920.
So why are you acting so ingnorant or is it your subjective bias?
It is so easy for Drag to push the right button and behold they all come out of the woodwork.
Cheers
Drag
Dear Dragging a Lure,
I believe it is CURE that raised the argument concerning the lands being taken away from blacks. BEST has argued about the evironmental losses and the financial losses. I believe BEST is arguing that adding the supply of 78 new homes in a falling market will cause homes prices in Bermuda to fall even further, hurting all homeowners, particularly those who are now having trouble making their mortgage payments and are worried that if their home falls any further in value (thereby reducing the equity in their home), the banks are more likely to foreclose. BEST’s other arguments are that if the SDO is not granted, then the creditors will appoint a receiver manager (as they did with Newstead/Belmont) to keep the operation running while they look for a buyer. The new buyer will be able to buy the hotel (estimated fair market value is $60 million) for much less then TR’s present debt ($150 million) thereby allowing the new owners to charge lower room rates and still make a profit, which means it will not only attract more tourists but will mean the present workers will have greater negotiating power to maintain or increase their present salaries. In other words, the granting of the SDO will (i)hurt all homeowners in Bermuda, (ii) hurt tourism and (iii) hurt the workers at TPR.
SDO will hurt Bermudians
SDO will hurt Bermudians,
I truly understand and sympathize with your point of view. But read my response to Winnie.
Cheers
Drag
Dragging A Lure – there is no need to state whether you support the PLP or not as your political bias is readily apparent.
Rather than question the motives of the objector (shooting the messenger) why not refute his points one by one? If you disagree with his concerns explain why they are unfounded and/or incorrect.
To: 32n64w,
“It is so easy for Drag to push the right button and behold they all come out of the woodwork.” You fit right into the perimeters of the above quote.
Find your own subject.
Cheers
Drag
I’ll take that as an explicit refusal to constructively refute the BEST statement which effectively neuters your (now) impotent “stink bombs”.
To:32n64w,
You cannot ever set my agenda. Call me what you want if I don’t respond to your request. I call it Freedom of Expression.
Cheers
Drag
I think the more accurate description would be “Freedom to Attack the Messenger” or “Freedom of Hypocrisy”
You question Mr. Hayward’s motives and simultaneously rebuff anyone else who questions yours.
I smell a Tigger
To: Todd,
Ditto, also I’m having fun and at the same time watching the match between Arsenel and Barcelona. Great match so far.
Cheers
Drag
*It is so easy for Drag to push the right button and behold they all come out of the woodwork.*
Stop trying to flatter yourself .. You don’t ‘press buttons’ , you drop stink bombs and when you get called on it you change the subject and drop more ..
Cheers too sweetness
To: I wish..,
Thanks for the compliments.
Cheers
Drag
Politically motivated? Really? Isn’t it foreigners trying to take over Tuckers? Could you please explain WHY you think it is politically motivated, evidence? Please don’t say because he hasn’t tried to take back the land, that is ridiculous. I would ask why the current government so into stamping out racism didn’t try taking back that land. Wouldn’t they have better pull that an environmental activist?
Very interesting points and i would like to know this as well. but just one thing Dragging, your lumping Mr. Hayward (CURE) and BEST together when really their seperate, BEST’s motives for stopping toe SDO was and is their concern for the environmental impact that this SDO would have which to my understanding would be very bad
To: Just Wondering,
What the he-l are you mumbling. I’m pretty sure, that don’t you know either. You’re sounding just like the rest of the group that opposes the questioning of BEST all mumble jumble.
Cheers
Drag
In case you are not aware B.E.S.T has MEMBERS and VOLUNTEERS, therefore it is highly likely that members and volunteers of a chosen organization will defend said organization. I am surprised this is hard for you to grasp. In case you haven’t noticed, there are many people on this island that are educated and actually don;t take to kindly to the fact that greedy people are trying to destroy this 22 square mile island’s environment.
To: My two cents,
You just confirmed the mumble jumble.
Cheers
Drag
@ Drag, mumbo jumbo to you.
To others living in the 21st century , it is known as saving Bermuda’s environment from the hands of greedy capitalists trying to sell more real estate when we are in a real estate glut! It isn’t even logical, that is the most ironic part of it all. If you care, look around at all the empty condos, homes, luxury condos and homes, office space, and then tell me we need to destroy more land to build more? Yeah right….
Just a note your #4 was attributed to CURB and not BEST, in this particular piece.
To Winnie,
The below information was copied from a BEST press release.
It would be appropriate for you to apologise to CURB.
BEST said they have at least five areas of concern, which appear below:
1) SDOs were designed to permit developments deemed to be of national importance, they were never intended to enable construction of speculative residential units. Such a use, as this appears to be, is an abuse of the SDO concept.
2) As this is a housing development that will, as we understand, encroach on possibly four conservation areas (nature conservation, woodland conservation, coastal conservation and cave conservation) there is every reason for the Bermuda public to have its rightful opportunity to view, comment and or object to the development. The issuance of an SDO effectively cuts out the plans from public scrutiny until after a decision is made. Such a process on major tracts of protected lands is anti-transparent and unjust.
3) If the previous SDO enabling the developer to build on Ship’s Hill has not had the economic effect that was used to browbeat the then government into permitting, what confidence can there be that this will prove different. This is particularly pertinent given the recent economic distress at Newstead/Belmont Hills.
4) This area, as we understand it, includes lands from which mostly black families were forceably removed in the 1920s to enable the promotion of tourism. It is a betrayal to now allow these lands to be sold off as real estate.
5) It increasingly appears that tourism facilities are morphing into real estate speculators and selling off Bermuda land some of which is zoned specifically for tourism purposes. The Bermuda government should be using its powers to prevent rather than assisting such behaviour.
Cheers
Drag
If the UBP was in power & prososing this SDO there would be protesting in the streets, primarily by PLP supporters, only because it is a UBP proposal.
But it is not. The PLP is in power & this is 100% a PLP deal, already done. The only deals made with the PLP which are regularly broken are those with the BIU or big PLP supporters.
The PLP have proved time after time that “we don’t care what you think”. The ‘YOU’ is increasingly more than just who they consider to be UBP supporters. The ‘YOU’ these days is anyone who disagrees with the heirarchy of the PLP.
Look around at the homes of many PLP heirarchy. They have little concern for the enviroment. Their property is smothered & covered in concrete. The former Premier’s house is an excellent example.
If you voted PLP at the last election, or the one before, YOU are responsible for Bermuda’s sad state of affairs today. What are YOU going to do about it? When is the protest in front of Alaska Hall?
Some magic hand is not going to come down from the heavens to clean up the mess you created with your vote.
A message to the Trippe family, Rosewood, Tuckers Point and the Bermuda Government:
PLEASE don’t let this SDO be approved. It will be a massive loss for Bermuda in terms of loss of open space, loss of respect for our Government, loss of respect for Tuckers Point and a lack of support for Bermuda’s Tourism product and it will only bring TPR into more financial debt. You don’t get out of a hole by digging more.
If TPR is not financially viable now – it won’t be after you waste time, money and land to develop further.
Let TPR go into bankruptcy if need be – someone can buy it out of bankruptcy for cents on the dollar then it’ll be financially safe and no land will be wasted.
Rosewood – please don’t take the precious land we have left on this small island.
I support my Government but this is a mistake. This SDO will not save Tucker’s Point.Take note, Rosewood is NOT involved in the proposed development contemplated by this SDO: that’s a big red flag.The focus of this SDO is to increase the value of Tucker’s Point so that HSBC can have more security for their loans. Poor management caused this mess and this will not fix it. Trippe and the boys had no clue what theye were doing down there and the construction costs spun out of control. Basic stuff. BEST needs to keep these arguments to hand because the same level of inexperience matched by a similarly flawed plan is on the cards for Morgan’s Point. This SDO has nothing to do with tourism and has everything to do with the unseen Board members at Tucker’s Point looking to make more money from this development.It is a mistake.
Well let’s do like Egypt and get to the streets sooner rather than later. Im on-board!
I don’t know what you look like , but you do know that you’ll simply be labelled as a (irrelevant) white lynch mob ?
Perhaps the most relevant point made by BEST is “Why are we even wasting our time considering an SDO? If the limted financial information released to date is correct–that TPR owes more than $150 million and the fair market value of the hotel is at most $60 million–then even with the most optomistic projections of profitability from the building and sale of 78 homes, TPR will barely make a dent in the total debt it owes, and so it is going bankrupt anyway. That means that the SDO will help only the creditor whose security ranks first: HSBC, a foriegn-controlled institution with hundred of billions of dollars in assets.
In summary, we are contemplating an SDO that will help HSBC at the cost of (i)hurting every homeowner in Bermuda, (ii) hurting tourism, and (iii) hurting the workers at TPR. If this isn’t insanity, I don’t know what is.
I think it’s almost comical if wasn’t so sad that a certain group of people want to vilify an environmental activist. It doesn’t get any better than that imo! It’s a sad day in Bermuda when all they have left to blame are civil servants and environmental activists!
‘Dragging A Lure’ is a TROLL. Their job is to distract, detract and obfuscate any topic that seems to shine a light on this Goverment’s obvious downfalls.
To: Todd,
You’re getting close, but my question has not been answered regarding the land prior to 1920 and the current SDO. “to distract, detract and obfuscate” is coming from those that don’t appreciate my questioning of BEST.
Thank You Todd for the assistance
Drag
Maybe they don’t feel its a question that warrents an answer, as you also pick and choose what you answer.
This SDO is a terrible mistake.