RFP For ‘Project 44′ FinTech Hub In Hamilton

October 8, 2018

The Government issued an addendum to the RFP for the interior design and internal renovation for the third floor of the IAS Building on Church Street in Hamilton, saying they seek submissions for “Project 44, a premier FinTech hub that has coworking spaces that meets the needs of a non-traditional sector.”

The new revised timetable has a submission deadline of Friday, October 12th, and an amended description [PDF] as follows, “The Government of Bermuda is considering the most cost effective interior design and internal renovation solution for the third floor of the former IAS Building, located at 44 West Church Street, Hamilton, into Project 44, a premier FinTech hub that has coworking spaces that meets the needs of a non-traditional sector with sleeping pods, social quarters, environments for gaming, media centre and hot desks.

“Traditional spaces should also include but not limited to boardrooms, meeting rooms, communication/ telephone rooms, training room, dedicated office spaces, shower facilities and kitchens. The design and associated consideration of works will provide modern and sleek open spaces which eliminates walls and cubicles for office spaces. Additionally, provide options for custom build out offices and private office suites.”

1-Technology-TC-project 44 bermuda fintech oct 2018

The PLP has previously stated that part of their plan to grow the economy is to develop a technology hub, with the original plan being to have it located in Southside in the east end.

The Government previously commented about the co-working space at the Blockchain Town Hall held back in May, with Minister of National Security Wayne Caines speaking on the matter, saying the Government recently purchased a building in Hamilton, and the top floor will be put “aside for a co-working space.”

Speaking in May, Minister Caines said, “We want to set up an incubator where people can come to Bermuda with all of their ideas.

“Where they can come with all of their dreams, their aspirations, and we’re going to set up incubators, and there are companies in Bermuda that have been reaching out with their buildings, and they’re going to partner, and with their laboratories where people are going to be able to come and set up companies in Bermuda.

Extract from the Town Hall held on May 31 of this year where the Minister discussed the property:

“The reason why the incubator is so crucial, because you can have 30 different companies in one room. Remember the old Silicon Valley? So if you have a room and you’re saying okay this works, or this doesn’t work, and you have 30 companies in a room, we believe there’s a synergy. And suppose with one or two of those companies become the next Amazon or the next Google. Well, we’re hoping they will stay in Bermuda.”

The RFP addendum notes the “proposed start date is October 29, 2018, with a projected 3-4 month construction phase.”

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Comments (11)

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  1. red rose says:

    But …. ther ae are EXISTING spaces available! why not investigate using those spaces first?

    • Friends says:

      Just follow the money fior friends and family deal. Also these supposed FINTECH companies have no money and can not afford their own offices in Bermuda so Burt is giving them free space or they will not come. A disaster waiting to happen!

    • Duh says:

      Those spaces are subpar in relation to the governments vision

  2. Res says:

    Sleeping pods ? The Government will love that !

  3. aceboy says:

    The PLP are seemingly going to SPEND millions on Fintech, not EARN from it.

    They appear to have been bamboozled again.

  4. Your joking says:

    I’m thinking someone easily sell this Premier a couple of bridges

    • shrew says:

      you got that right. the PLP have always been about shiny objects, cars, travelling 1st class with “security”. all show and NO SUBSTANCE.

  5. Sandgrownan says:

    “Remember Silicon Valley” said the minister….like he has any idea about that! Lol

    It’s a Burt vanity project, nothing more.

    • Ah ha says:

      Your are right! This guy is a dreamer! I remember Silicon Valley because I was an adult then! He was in diapers and still has no clue what scale Silicon Valley was on not the heights it fell from!