Curtis Dickinson, Minister of Finance

Finance Minister Curtis Dickinson put the local media on notice that he will host a news conference later today, with word that he may have an announcement on developments on the Morgan’s Point development in Southampton at Caroline Bay.

Despite efforts to get official word on the current status of the multi-million dollar development, to date there has been no official statement by the Government, although that statement may have been put on hold due to recent developments.

Reports that the developers may have secured financing since the most recent shut down have been circulating for the past week.

This after a number of sub-contractors left out of pocket for work completed at the site, which they have yet to be paid for.

Workers at the site were given notice that work at the site will wind up at the end of May. Sources also confirmed that most of the employees contracted to work here on work permits have left the island.

Construction on the hotel phase of the project was stopped back in March 2018, affecting 150 construction workers.

A spokesman for George’s Bay Ltd, of Morgan’s Point Ltd, said at that point in time that the “first-phase construction activity at Caroline Bay” was reduced “due to construction costs outpacing the existing financing of the project”.

The project also carries a multi-million dollar loan guarantee by the Bermuda Government, by way of the Ministry of Finance.

The first phase of the development led by DCK Worldwide includes a Ritz-Carlton Reserve brand facility with 35 high-end residential units and a 79-room boutique hotel at an estimated total cost of $300 million, over a five-year period.

The last official update on this project was made back in February, by Minister for the Cabinet Office Walton Brown, who said new financing was “close to happening”.
And speculation indicates that financing will likely be the subject of the Finance Minister’s statement later today.
To date, work after this latest shutdown remains on hold at the 79-room hotel site with 35 upscale residences by the marina near completion.

The news conference will be held in the AB Place Media Room at 3pm.