Financing Secured To Build 110 New Rental Units
Bermuda Commercial Bank has provided a financing commitment to the Bermuda Land Management Corporation to build a residential development providing 110 new rental units, the Government has announced.
Bermuda Commercial Bank’s Remarks
A BCB spokesperson said, “Bermuda Commercial Bank [BCB], the specialist retail and commercial bank, has announced an additional $50.75m to support the development of affordable housing in Bermuda, bringing its total commitment to funding Bermuda affordable housing to over $150 million BMD this year.
“Following the announcement of a $64 million financing package in June, the bank has now confirmed additional support for the development of Dr Cann Park II, a residential development providing 110 new rental units. The announcement comes at the end of another year of strong growth for the Bermuda-based bank, which saw a 40% increase in deposits in 2026, on top pf the 70% growth seen the year before.”
BCB’s Chief Executive Officer and Chair, Andy Mielczarek, commented: “For the team at Bermuda Commercial Bank, success isn’t just something to be measured on balance sheets. Our continued strong growth means that we are able to reinvest more in supporting our local community.
“Bermuda faces a critical shortage of affordable, accessible housing, and developments like Dr Cann Park will add to the supply of affordable housing.
“We’re really pleased that more Bermudians every year are choosing to trust BCB with their savings, and we’re doubly pleased that this growth enables us to reinvest in the local businesses, families and projects that will build the future of Bermuda.”
Minister of Housing and Municipalities Zane DeSilva’s Remarks:
Minister DeSilva said, “Today is another important day for housing in Bermuda. Just last week, we broke ground on 24 new homes at the former Albert Row site, and today we are marking the kick-off of another 110 homes here. That is 134 new units moving forward right now. We have talked about the need for more housing, and we are getting on with the job of delivering it.
“I am pleased to announce that Bermuda Commercial Bank has provided a financing commitment to the Bermuda Land Management Corporation for this development, currently known as “Dr. Cann Park II”. This commitment represents a major step forward and reflects confidence in a project that will help address one of Bermuda’s most pressing needs: housing.
“Securing financing is one of the most important milestones in any development. It demonstrates that the project is progressing from concept to delivery and provides a strong foundation for the work ahead. We are grateful to Bermuda Commercial Bank for its partnership and support as we continue working to create additional housing opportunities for Bermudians.
“The project which is intended as 110 unit mainly for seniors is also continuing to move forward. The site has been cleared, and the technical work necessary to verify site conditions and support the final engineering and design process is underway. These important preparatory activities help ensure that the development proceeds efficiently, responsibly, and in a manner that best serves future residents.
“Today’s event also provides an opportunity to highlight a different approach to housing construction. We are pleased to be joined by Mark Maloney of Preconco, whose company is bringing a precast concrete construction system to this development. This approach represents a departure from traditional building methods commonly used in Bermuda and offers the potential for greater efficiency, cost savings, consistency, and speed of delivery.
“This type of construction is not new to Bermuda; it was utilized very successfully in the development of the Victoria Place 1 development constructed in 2014. As we work to expand Bermuda’s housing stock, it is important that we remain open to proven technologies that can help us build smarter and deliver homes more quickly.
“I also want to announce an opportunity for public participation. While “Dr. Cann Park II” has served as a useful working title, we believe this development should ultimately bear the name of a Bermudian whose contributions have made a lasting impact on public housing and community development in our country. We will therefore be inviting members of the public to submit suggestions for the permanent name of the development, and we look forward to hearing their ideas as this project continues to take shape.
“Today’s announcement is about investment, innovation, and progress. Financing has been secured. Site preparation and technical assessments are advancing. New construction methods are being introduced. And we are inviting the public to help shape the identity of what will become an important addition to Bermuda’s housing stock.
“Together, these achievements demonstrate that these projects are moving steadily forward and that we remain committed to delivering the housing solutions that Bermudians need. Thank you.”
“Following the announcement of a $64 million financing package in June, the bank has now confirmed additional support for the development of Dr Cann Park II, a residential development providing 110 new rental units.”
$150 MILLION to develop 110 “affordable housing” units. That is a little over $1.3 MILLION per unit on average. That is broadly consistent with the cost of the Grand Atlantic development.
It appears that every Bermudian is now entitled to a $1 MILLION PLUS home to be provided by the PLP Government.
Where do I sign up?