A major exempt company is expected to move into a new four storey waterfront office being built on East Broadway, The Royal Gazette has learned.

The 39,000 square foot office is scheduled to open by July 2004 and developers Crow Lane Properties Ltd. said yesterday they hope to shortly sign off on negotiations with the company, which they refused to name.

The $11.7 million development will feature two floors of office space for around 100 people, a floor of parking for 24 cars and 32 cycles, and a top floor of office space and four luxury apartments. "We are in negotiations with a substantial Bermuda player and hopefully those negotiations will be concluded very shortly," Crow Lane Properties director Colin Smith told The Royal Gazette.

The top floor flats, two with two bedrooms and two with one, are expected to be used by the exempt company for its executives or clients rather than sold, said Mr. Smith.

Crow Lane Properties is owned by Anthony Smith, who has developed the Continental Building, Global House and Warwick Villas.

Colin Smith said yesterday he was convinced the development of the site, next to Renaissance Re, will help improve the entire area. "We believe this area of waterfront has been somewhat ripe for development for some time," he said.

"The building has been very inactive for a number of years and we think this will conform very nicely and enhance the overall neighbourhood."