A new commercial building planned for Front Street is an endorsement of Bermuda’s business cachet, the Minister of the Cabinet Office has said.

Vance Campbell added that the development at Brookfield Place would breathe life into an area of Hamilton that had missed out on investment, with more building taking place at the western side of the city.

The site at 91 Front Street and running up the adjacent Chancery Lane would have nine storeys, with retail occupying the ground floor.

The building would house a new global headquarters for Brookfield Reinsurance and the company’s Bermudian-domiciled listed affiliates, but also revamp Chancery Lane.

The proposal was declined in November by the Development Applications Board as overly ambitious in scale.

However, Mr Campbell went over the DAB this month and approved it, citing its importance as an investment in the island’s economy.

He said today that the development marked “a real and tangible demonstration of the significant confidence that investors have in Bermuda as a premier business centre".

In March 2023, Brookfield announced its plans for a Class A commercial office building at the site.

Mr Campbell said that construction was expected to begin “soon”. Brookfield said in August that the project was likely to finish by early 2026.

The minister said that it would give space for corporate and commercial tenants looking to lease “international-calibre office space” in Hamilton, with more than 100 jobs created.

Mr Campbell noted that much of Hamilton’s commercial development over the past decade had focused on “the western outskirts of the city”.

“Also, investors in Bermuda have noted that there is limited space potential due to the lot sizes in the downtown area, so the fact that Brookfield wish to develop on the eastern side of the city must be celebrated.”

He said it was “widely acknowledged” that Front Street had taken a hit from its loss of storefronts.

“This site, in its current condition, is a visually unappealing aspect of the Hamilton landscape,” Mr Campbell said.

“The Brookfield project will serve as a major investment that will not only transform the area, but translate into more jobs and opportunities for Bermudians.

“It will also mean expanded economic growth for our island.

“So this site represents an opportunity to showcase the possibilities in a renewal of this area of the city.”

He said that the mix of office and ground-floor retail space would boost the “vitality of the area”.

The developer was said to be working with the Corporation of Hamilton directly to redevelop the public walkway of Chancery Lane.

Mr Campbell added: “This is very exciting, as Chancery Lane provides connectivity for pedestrians between Front and Reid streets, and historically has its own special charm and character, so we look forward to seeing the enhancements to this area.

“Quite simply, this is a significant investment which will have a far-reaching, positive impact in Bermuda’s economy, generating opportunities throughout the community.”

Details on the development are online at the government website.