“The development of Brookfield Place is a real and tangible demonstration of the significant confidence that investors have in Bermuda as a premier business centre," said the Minister for the Cabinet Office, Vance Campbell following the Brookfield Place planning approval decision.
The public will be aware that last March, Brookfield originally announced its plans to build a state-of-the art Class A commercial office building with supporting ground floor retail at 91 Front Street, 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.
Construction on the site is expected to start soon, and the building will also provide space for corporate and commercial tenants looking to lease international calibre office space in the City of Hamilton. The development is projected to create more than 100 jobs.
The Minister explained that much of the commercial development over the past 10 years has largely taken place on the western outskirts of the city. Also, investors in Bermuda have noted that there is limited space potential due to the lot sizes in the downtown area. So, “the fact that Brookfield wish to develop on the eastern side of the city must be celebrated”.
Minister Campbell added, “It’s widely acknowledged that Front Street has been impacted with a loss of store fronts. This site, in its current condition is a visually unappealing aspect of the Hamilton landscape. The Brookfield project will serve as a major investment that will not only transform the area, but translate into more jobs and opportunities for Bermudians. It will also mean expanded economic growth for our island. So, this site represents an opportunity to showcase the possibilities in a renewal of this area of the city.”
Minister Campbell said, “Notwithstanding the challenges with the height limitations, the benefits of adding new commercial ‘Class A’ office space and in particular, retail on the ground floor, will most certainly contribute to the vitality of the area. In fact, the developer is working with the Corporation of Hamilton directly to enhance and redevelop the public walkway of Chancery Lane. This is very exciting, as Chancery Lane provides connectivity for pedestrians between Front and Reid Streets, and historically has its own special charm and character, so we look forward to seeing the enhancements to this area. Quite simply, this is a significant investment which will have a far-reaching, positive impact in Bermuda’s economy, generating opportunities throughout the community.”
To learn more about the development visit here: https://www.gov.bm/articles/brookfield-announces-development-brookfield-place-bermuda-hamilton-bermuda
To learn more about Brookfield in Bermuda, visit here: https://bnre.brookfield.com/