Revised costing for St George’s
BERMUDA: The St George’s Marina, a new development centred around a repaired dock on the south side of Ordnance Island, is subject to increased costs and slight delays.
Speaking in the House of Assembly on 20th May, David Burch, Minister of Public Works confirmed that structural engineers Brunel had been forced to raise cost estimates for the project from US$2.7 million to US$4.12 million. This reflects current inflationary pressures and significantly increased material and shipping costs.
The new marina will feature an area for visiting yachts; the newly repaired Ordnance Island facility; 650 linear feet (198m) of moorage for small boats; ten stern-to berths for superyachts; a marina reception, lounge and café; a duty free fuel dock; and pump-out services.
The marina is the subject of a 21-year leasing arrangement between the Corporation of St George and the developer, and gross proceeds of the marina revenue will be shared. Completion is anticipated in December.