from Waterloo House to Princess Hotel are set to make a major announcement about the progress of the project next week.

Pearman Watlington's (PW's) CEO William Cox said that an announcement will be made on Monday about the future of the Pitt's Bay Road project. PW's is the key player in the plan.

The entire project along the waterfront is expected to take five years to build. It was first conceived after the 150th anniversary celebrations of the company in September 1994, and won planning approval in August.

The scheme calls for a waterfront promenade that would allow Princess Hotel guests an opportunity to walk from the hotel along the waterfront to shopping facilities.

The plans call for offices, residential and retail units. Bermuda-based finite reinsurer, Centre Re, is expected to participate in the development.