Minister Wayne Scott said: "To date four entities have been shortlisted for review, with emphasis being placed on tourism use. The process of discussions with local and overseas investors interested in the purchase of the Grand Atlantic property is entering the final stages of sensitive negotiation." *Photo by Kageaki Smith
Minister Wayne Scott said: "To date four entities have been shortlisted for review, with emphasis being placed on tourism use. The process of discussions with local and overseas investors interested in the purchase of the Grand Atlantic property is entering the final stages of sensitive negotiation." *Photo by Kageaki Smith

The four finallists that have been shortlisted for the Grand Atlantic Development all have an emphasis on tourism use.
Minister Wayne Scott made that announcement this morning.
Mr Scott said the four finallists were narrowed down from eight proposals was received by the Bermuda Housing Corporation. Those proposals included ones promoting tourism use, senior residential use, and mixed use. 

He said: "To date four entities have been shortlisted for review, with emphasis being placed on tourism use. The process of discussions with local and overseas investors interested in the purchase of the Grand Atlantic property is entering the final stages of sensitive negotiation. The Bermuda Housing Corporation has facilitated the viewing of the property for overseas investors and their local partners during the past few months.

"The potential investors were impressed with the recent viewings and agreed to send in a second tier of formal written documentation confirming their interest in the property and the partnership and associated costs that they envision with the government to bring jobs, tourists and opportunity to Bermuda.

"The proposals are being carefully vetted and the preferred proposal will be recommended to cabinet as soon as possible for consideration and approval to proceed.  Thus, a decision on the best long term use of the Grand Atlantic Development that will benefit the entire island of Bermuda is expected to be made shortly by the Government."