$25M Guarantee For Bermudiana Beach Resort
Premier David Burt announced the issuance of a $25 million government guarantee for the completion of the development of the Bermudiana Beach Resort.
Speaking in the House of Assembly, Premier Burt said, “Mr. Speaker, in accordance with Section 2 AA [3] of the Government Loans Act 1978, I rise to inform this Honourable House of the issuance of a new Government guarantee. A $25 million loan on behalf of the Bermudiana Development company Ltd a subsidiary of The Bermuda Housing Corporation [BHC] for the completion of the development of the Bermudiana Beach Resort [conversion of the Grand Atlantic property].”
The property — which is located in Warwick and previously called Grand Atlantic — was initially planned as a housing development, with the original construction finished over a decade ago. The housing units did not sell, and plans were changed to make the property into the Bermudiana Beach Resort.
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Burch says the tax payers will get all their money back when the units are sold. LMAO. They can’t sell the few on the market, with a warning when they go the price goes up. Check the website. To get back the money poured down the drain, each unit will have to sell for at least $1.5m. Fat chance.
Certain people in the PLP Government saw the profits that some developers have made and tried developing property themselves with taxpayers’ money. I wish they had used their own money.
No government should be trying to make a profit. Government should exist to regulate society, not to compete with it.
Good news! One unit at Bermudiana Beach Resort has sold!
If I recall correctly, that is the same number of units that were occupied when it was called Grand Atlantic. Lt. Col. Burch has now equaled his previous achievement. And it only cost us (taxpayers) $92 million or thereabouts.