Sir John Swan believes his new building at 141 Front Street will represent the future of Bermuda for years to come.

>The developer and former Premier, who has produced a brochure on the property entitled 'A Greener way to work' which is printed on 100 percent recycled paper, reckons the energy efficient and environmentally friendly office space will herald the start of a new era of green developments.

But Sir John, who gave The Royal Gazette a behind-the-scenes tour of the building yesterday, also predicts the real estate market will slow down with no big projects taking off in the foreseeable future.

"Real estate has always been a very major component of our economic activity," he said.

"But I think we are at a crossroads where we need to make decisions about where we go in the future.

"I believe the industry as a whole will wind down and there will be no major projects unless there is a big opportunity to do so."

Sir John said the construction industry had enjoyed a big boom in recent years, but the cranes which had dominated Hamilton's skyline for so long were now starting to come down as buildings were completed and capital started to dry up.

However, he views Bermuda's size, flexibility and strong credit rating, allied to its ability to stay one step ahead of the curve, as reasons to be upbeat about the future progression of the market once the money begins to flow back in.

"We should look at what we can do in terms of people having options to manage their affairs in an environment that it conducive to do so," he said.

"I think Bermuda is reflective of what is happening in every jurisdiction we were a well-oiled machine that built a good revenue stream and infrastructure, as well as providing a lot of additional services to the public.

"I think that as a result of that the only thing left for us is to capitalise on the investment we have made and that will require imagination and collective participation to reap the rewards for the effort we have put in.

"The economy itself is experiencing some shrinkage, but per capita GDP we are supposed to be the highest in the world and we need to try and maintain that or, if we drop down, work out how to get back up there."

Sir John, who has been working with his daughter and vice-president of Seon Place Ltd., Amanda Swan, on the project, is confident the property will be fully occupied with tenants when it is completed in July to August 2010 and the building will speak for itself.

"This is the most imaginative building built in Bermuda," he said.

"I think the biggest challenge is keeping the imagination alive and making sure if there is anything that needs changing it gets done early on to build the finished product with the minimum amount of flaws in it.

"The building should represent Bermuda's future - this is a statement to tell young people that you can dream and your dreams can come true provided you have the imagination to pursue them.

"Just look at Bill Gates, Warren Buffett and Nelson Mandela they have all done it and have succeeded in having a vision and following it through to its fruition.

"I have been very fortunate and blessed because Bermuda has given me a political and business career and it is now about me giving something back to the community."

The building, which is conveniently located at the junction of Front Street and Reid Street with spectacular views looking out across Hamilton Harbour and the city, will be the Island's first 10-storey office development comprising 107,000 square feet of rentable space.

The level of detail goes right down to expansive green and blue double glazed solar control windows on all four sides designed to keep the interior cool and reduce glare and noise pollution, and granite and marble finishes, as well as a state-of-the-art energy management system which will enable tenants to cut their energy costs by using only what they need.

Inside there will be open plan office spaces featuring two bathrooms, showers, four elevators and a balcony on each floor, including a luxury penthouse on the top floor, with the emphasis on creating a healthy working environment, while each level of approximately 11,000 square feet (sq ft) of office space can be divided into 6,000, 5,000 or 3,000 sq ft areas.

The glass atrium and reception area, which is covered by the biggest free-standing canopy in<\p>Bermuda, will connect the eastern and western office wings, while there will also be a fitness centre, including a yoga and pilates area, and café with outdoor seating, and even an electronic information directory centre at the main entrance.

Outside will be a landscaped area complete with a three-dimensional glass and steel water fountain, terraces, planters, palm trees and grass, offering greenery, in addition to a walkway joining Front and Reid Streets.

Underground there will be a two level car park, with the building connected to a security card entry, CCTV camera surveillance, voice addressable fire alarm system and security lighting system, while there is also scope to incorporate the use of renewable energy sources through photovoltaic solar panels and wind turbines within the building.

The building was financed by the Bank of Bermuda and BF&M and designed by Linberg &<\p>Simmons, with D&J Construction the main contractor.