BERMUDIAN entrepreneur Patrick Bean will withdraw his application to carry out a $46-million redevelopment of the site of the former Club Med building in St. George's if he hears nothing from the Tourism Department by 3 p.m. this afternoon.

Mr. Bean said he and his mostly American financial backers had been ready to launch their project for nearly two years, but their proposals had met with little apparent interest from Government.

"I shall be pulling the application tomorrow if I don't get anything in writing by 3 p.m. tomorrow afternoon - and that is my final decision," said Mr. Bean yesterday.

"I'm losing credibility with my investors and this situation has been going on too long without any dialogue.

"I have put a call in to Tourism and I have let them know. I will now just have to wait and see. If Bermuda loses this scheme, it will be losing a lot."

The proposal from Mr. Bean is one of seven that has been under consideration by a Tourism Department Selection Committee and eventually Tourism Minister Ren?e Webb will recommend one of them to Cabinet.

Mr. Bean and American developers SteppingRock Holdings intend to build a 110-room hotel, as well as 60 condominiums and town houses on the East End site.

In addition they plan an up-market clinic which would specialise in treating injured athletes, as well as rehabilitating drug addicts. The scheme includes a provision to enhance St. George's Golf Course, to build a new sewage treatment plant and to improve St. Catherine's Fort.

Four months ago, Mr. Bean told this newspaper of his frustration at the lack of progress with his project and accused Minister Webb of "turning a deaf ear" to him.

A statement at that time from the Department of Tourism said that Minister Webb had not spoken to any of the applicants.

Mr. Bean said yesterday he was pushing on with a tourism development in Mexico and was looking at other overseas options.

Mr. Bean's group would also like to talk to Government about plans to build a new airport for Bermuda and to help with the development of the National Sports Centre.

SteppingRock Holdings is a Dallas-based company which has interests in countries including Costa Rica and Mexico as well as the US.