The recent unveiling of the plans for the Fairmont Southampton redevelopment by a Gencom affiliate has caused some concern in the community. I have no personal interest in the project but as a real estate developer and businessman, I would like to share my opinion on how I believe the redevelopment could be an asset to Bermuda and, in particular, to its people.

This redevelopment is nothing new to Bermuda. We have seen other properties developed before and, when tastefully done, they are of benefit to all. These include Belmont Hills, St Regis, the waterside apartments at Tucker’s Point, Azure and even Loughlands units in Paget.

The redevelopment in part represents a chance for Bermuda to become a world-class destination.

Changes in the world economy have allowed Bermuda to be at the forefront of technology-driven business. The main ability required for this type of business is financial capital and innovative entrepreneurs. Residential and commercial space is now at a premium and represents the single biggest obstacle in attracting new business. Bermuda has experienced this phenomenon before when the (re)insurance industry blossomed in Bermuda in previous decades. This redevelopment would afford units which are desperately needed to accommodate both our visitors and residents alike.

Our green spaces are integral to the charm of Bermuda, and it is right to ensure development is carefully controlled. The developers are allowing for 62 acres of the property to remain green space while enhancing the property with beautiful landscaping, which is a responsibility of the Department of Planning.

People are concerned with the impact on the scenery of the location, but we must ask ourselves, what do we really want? Do we want a newly renovated hotel with brand-new residential units that look beautiful as you drive by? Or do we want a hotel that will fall into disarray like Club Med and Elbow Beach, and become an eyesore in a prominent location? Complaining that no one has done anything about it and keeping our fingers crossed that someone many, many years down the line comes to its rescue is wishful thinking.

There are other opportunities that the development brings to the community. First and foremost, the reopening of the hotel will allow for employment for Bermudians as primary or supplemental income. There are also employment opportunities for the residential units, as they will require ongoing maintenance by local tradesmen. If Bermuda is unable to accommodate more visitors, airlines will cut back further on their flights. More hotel beds increase the likelihood of more airlift. More airlift for tourists coming from various destinations increases the airlift for international business, which represents more than 80 per cent of our gross domestic product. This also has a knock-on effect in which more visitors then reduce the payment made for the minimum revenue guarantee to Skyport. These residential units would also contribute more revenue for the Government by way of land tax.

We have a unique opportunity with a developer who is willing to invest money into a property that has failed. The price of construction in Bermuda is extremely high. The hotel redevelopment will occur first and the residential units’ sales would afford them the chance of getting some return on their investment. They will also be guided by what the Department of Planning allows them to develop, it is not as if they have free rein to develop the site as they please. If we continue to throw objections at the project the developers may just decide to not move forward with the project and then when will the site be developed? Not in our lifetimes. This also sends a message to other investors that they and their money may not be wanted in Bermuda.

The only thing that seems to be growing regarding our economy is our debt. If we are being honest with ourselves, Bermudians have invested very little into our economy. International business and other foreign investors have made Bermuda what it is. We have, however, directly benefited from the opportunities that have been afforded to us. To grow the economy, we need critical mass. How will we get there if we cannot provide a destination and accommodation for people who want to invest their dollars in our community?

Our national debt will be harder and harder to carry, and we cannot leave that legacy for our children. We have an obligation to all Bermudians and their future generations to afford them the opportunities we have all enjoyed in recent years. A kneejerk objection to any form of change is not what we need right now. If we choose to stand still, progress will just pass us by and move on to the next destination.

We keep saying that we need more housing; more housing is proposed in the development. We need more hotel beds; more hotel beds are proposed in the development. We need more jobs and money; this development will provide more jobs and money.

Right now, we just need to make up our minds.

• Sir John Swan, a National Hero, was the Premier of Bermuda from 1982 to 1995