Brookfield Announce Plans For Office Building
Brookfield announced plans to build a “state-of-the art Class A commercial office building with supporting ground floor retail” on Front Street in Hamilton, and said the “project is anticipated to create over a hundred jobs” with construction “expected to commence in 2024, with completion targeted by year end 2025.”
A spokesperson said, “Brookfield today reaffirmed its commitment to Bermuda, announcing plans to build a state-of-the art Class A commercial office building with supporting ground floor retail at 91 Front Street in downtown Hamilton.
“The building will house the global headquarters for Brookfield Reinsurance and each of Brookfield’s Bermuda-domiciled listed affiliates: Brookfield Property Partners, Brookfield Infrastructure Partners, Brookfield Renewable Partners and Brookfield Business Partners. It will also provide space for corporate and commercial tenants looking to lease international caliber office space in the City of Hamilton.”
“This development is a reflection of our commitment to Bermuda—one of the most sophisticated financial and business markets globally, with access to top talent,” said Brian Kingston, Chief Executive Officer of Brookfield’s Real Estate business. “We see numerous opportunities for growth in the coming years and Brookfield Place Bermuda will provide the City of Hamilton with a world class mixed-use precinct consistent with those we own in other global cities, including Toronto, New York, London, Dubai and Sydney.”
Premier David Burt said: “The theme of the Government’s 2023/24 Budget Statement was continued economic growth, and few things signify economic growth better than new construction projects and the creation of new jobs for Bermudians. Not only will Bermuda see both of those things achieved here, but also further evidence that our economy and our country are on the right path with the reaffirmed commitment of a global company like Brookfield which will now enhance its operations on our shores.
“This is a clear indication that they see the opportunities for growth that Bermuda offers, as well as the array of talent in our local workforce and the regulatory excellence for which we are renowned. The Government looks forward to seeing this development take shape in the coming years and the over one hundred jobs it will create that will benefit Bermudian workers and our local economy. We also look forward to continuing to work alongside Brookfield and the international business community to create more opportunities for Bermudians and keep us on the path to continued economic growth.”
A spokesperson added, “The building will be among the first ground-up office projects developed in Hamilton in the last decade. The design aims to incorporate highly advanced building performance specifications and sustainability features that achieve LEED and building wellness certifications. The new building and its street-level improvements along Front Street and Chancery Lane, among the most recognizable street fronts in the City, are expected to catalyze further revitalization and improvements in the district.
“Brookfield hired local Bermuda based architectural firm Bothelo Wood. The project is anticipated to create over a hundred jobs targeting a local, on-island workforce. Construction is expected to commence in 2024, with completion targeted by year end 2025.”
When did “Bermuda for Bermudians” become Bermuda for Foreigners”? Selling off Bermuda without any opposition from the PLP voters? Tuckers Point (what happened to the stolen lands outcry), Southampton Princess, Belco, Bank of Bermuda and more?
100 jobs on top of the 700 for SP? Sounds like a lot of work permits about to be issued. What guarantees and freebies have been given? The devil is in the details and they better be aware that the Government may well come back and try and change any contractual arrangements at a later date.
Southampton Princess has belonged to foreigners for decades. But you missed out Cambridge Beaches, which was recently sold by a Bermudian family to an American corporation. Now there is a vote of confidence in Bermuda for you!
Oh, yes, and the effective privatisation of St. Catherine’s beach by allowing the St. Regis to be built right behind it.
It is amazing how whenever something good happens under this government, the bloggers then twist it to make it something nefarious.
Foreign investment has always been touted as the panacea. Now we have investment which shows a level of confidence and some folks want to make it a negative.
Brookfield just purchased a large reinsurance company which employs many bermudians. Additionally there will be dozens of bermudians involved in the entire construction to bring this project to fruition. Can we not be so negative simply because you may not like David Burt or the PLP? These projects are bigger than Burt.
You miss the point entirely.
This development is happening despite Burt or the PLP, not because of them. Burt is the architect of terrible governance, see BTA, the Gaming Commission and the news this morning that old grumpy drawers is disbanding the National Parks Commission.
If he could figure out a way to tinker with the BMA to his own benefit, he would do it.
LOL the hatred the hatred. The funny thing is you have been posting on blogs for years and years and your sentiments remain the same under every single PLP leader. Methinks your problems are further and deeper than Burt.
Well done, the first erudite comment you have made.
Burt is just the latest incarnation of PLP failure.
You only have to look at Victoria Hall standing derelict to see how successful Burt has been in attracting financial services businesses here. A total failure. Perhaps he could rekindle his bootleg rum swizzle ‘business’.
Victoria Hall is not derelict! It is incognito! That way the hundreds of fintech people working inside are not targeted by those envious of their success.
And those are not homeless people under the front canopy. Those are security guards in disguise!
This had ZERO to do with Burt/PLP at all lmfao
Floor tiles suitable for commercial properties need to have a blend of safe functionality, mixed with attractiveness.