The first two blocks of a luxury development at the former Morgan’s Point military base are rising from the ground.

The Cove, a Ritz-Carlton Reserve Residence, is in the first stage of the redevelopment of what is now Caroline Bay and the first block of seven homes is expected to be completed by the end of the year.

Sandra Christensen, sales and marketing manager at selling agents Coldwell Banker, said: “The residences are branded at Ritz-Carlton Reserve, only the third development with Reserve branded residences in the world, so this is very exciting for Bermuda.

“Owners will benefit from the services of the world-renowned Ritz-Carlton brand.”

A 79-room hotel on the site is also under construction nearby.

When complete, the Cove will offer buyers a choice of two- and three-bedroom homes, as well as four-bedroom penthouse apartments, with a starting price tag of $2.5 million.

The development was showcased overseas in November at the Art Basel Miami event, hosted by tennis star Venus Williams and supermodel Heidi Klum.