Morgan’s Point owners are in a race against time to complete the first phase of development by the end of 2016, with their fingers crossed at the possibility for an America’s Cup in the Great Sound in the summer of 2017.

The significant building project in Southampton will be a major boost to the Bermuda economy, beginning with an extraordinary number of construction and related industry jobs.

Remediation efforts central to the first phase are nearly completed, and construction work may actually begin by the end of the year.

Assisted by the powerful winds of the America’s Cup, this is the beginning of the most significant development on that land in decades and may mark the beginning of a renaissance for the Bermuda economy.

The project is likely to ramp up fast and employ additional manpower — required to meet the ambitious deadline.

It is also increasingly likely that Morgan’s Point will play a central role in the America’s Cup itself, if it is held in Bermuda — or, in the challenge races in 2015 and 2016, if that is the decision.

Developer Craig Christensen said yesterday: “We’re working with all necessary speed to deliver a top-branded 84-room boutique hotel and 126 residences at Morgan’s Point in the first phase of the development, which is essentially about the size of Tucker’s Point, and have it completed prior to the end of 2016 in advance of the America’s Cup.”

Race officials have already spent time in Bermuda looking at various site lines and Mr Christensen feels that if the race is held in Bermuda, Morgan’s Point would get serious consideration as “race central”.

He said: “They think that the Morgan’s Point peninsula is potentially ideal to host the America’s Cup. It could be the race headquarters. The property’s proximity to the actual race makes it an ideal location.

“Remember, we have approximately 1400 to 1500 feet of frontage that could be set aside for the America’s Cup. There is a substantial unobstructed view.

“The Peninsula is 75 acres and that’s not where we will be building in the first phase of development. So that area is significant and has the potential for being set aside to host the event. Whatever is needed, can be built out there, without impacting on the first phase of development.”

Mr Christensen said his group is having discussions with various Government departments with a view to getting the first phase of the development underway.

“We are also on the verge,” he said, “of announcing our new, branded partners. We are working with them right now.”

The first phase also includes a marina for local vessels, but there is a mega ship marina that was planned for a later phase. Mr Christensen said that over the next few weeks there will be further discussions with Government about that plan.

The land at Morgan’s Point has been little used since the US Navy left it polluted in 1995. Bermuda Government attempts to persuade America to repair the environmental damage were fruitless.

The US bases in Bermuda were part of a World War Two arrangement made with Britain.

The US military held some ten percent of all Bermuda land — the Southampton property known as N.O.B. and Kindley Field (Southlands) virtually free of rent since the deal was struck in 1941.

The 1995 US departure from Bermuda, together with the British departing the Royal Naval Dockyard and the Canadian Forces Station leaving the west end in 1993, had an economic impact on the Island.

But successive governments were very slow to spur redevelopment of the properties, particularly Morgan’s Point.

The first phase of a new development could rise there a little more than 20 years after the land was first returned to Bermuda by the US Navy.