The provisional plan is for a high-end 60-room hotel with restaurant, bar and fitness suite alongside a 125-berth marina.

Leading Edge Limited which is partnering with the Corporation of St George on the project also hopes to include a satellite fuel station and marine supplies shop at the marina, which will be based at Ordnance Island.

The aim is to provide services for local yachts as well as travelling sailors — enhancing Bermuda's reputation as a destination for boaters.

Jeremy Spencer, of Leading Edge Limited, told the Bermuda Sun the plan was progressing well.

"We're feeling pretty bullish about it. We've got a pretty serious commitment from one of our major backers. Everything is subject to planning permission and the various other parts of the equation falling into place, but so far our discussions on all fronts have been encouraging."

The aim of last night's meeting, he said, was to get feedback from the public on the plan and hear any objections.

The Corporation has agreed to donate the land from its car park for the hotel and is a partner in the initiative. Underground parking spaces have been included in the initial designs for the hotel.

During last night's power point presentation, developers said the new building would 'blend in and compliment' the existing historic buildings in the World Heritage Site.

They revealed the plans would include a swimming pool and fitness centre as well as a restaurant and bar.

Around 80 per cent of the berths at the marina, which will extend into the harbour from Ordnance Island, will be reserved for local boats.

The former Cruise Ship terminal will be the main contact office and reception for the marina which will also include toilets, showers and storage facilities as well as office space for the Dockmaster.

The presentation highlighted the benefits to the town including new jobs and business opportunities for shopkeepers.

Mr. Spencer said the idea was still in the concept phase but was progressing quickly towards fruition.

He said he hoped people would back the plan and help bring much needed income into the town.

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