The architects for the Bank of Butterfield Front Street redevelopment plans are Barker & Linberg, not Cooper & Gardner as reported in last Friday's edition.

The Bank of Butterfield's multi-million dollar plans to redevelop its Front Street headquarters were given the go-ahead yesterday.

The Development Applications Board granted the bank approval to add two stories and revamp the Trader's Gate building next to it to include a shopping arcade.

Finance Minister the Hon. David Saul welcomed the approval saying it is good news for the Island's ailing construction industry.

"Both home starts and domestic construction are half of what they used to be so this is a real lift to the construction industry and the economy,'' Dr.

Saul said.

A contract for the project has not been awarded yet, Mr. Collier said. The architects of the project are Cooper and Gardner.

Bank chief general manager-designate Mr. Michael Collier said the cost of the project had not been finalised but was expected to be around "several million dollars''.

The massive building project is the second to be undertaken this year by a bank.

D&J Construction is currently building a five-storey Bank of Bermuda branch on Bermudiana Road to the tune of $44 million. The project, begun in January is expected to take two and a half-years to complete.

Dr. Saul said the fact the projects did not start together was an added benefit for the construction industry.

Mr. Collier said a shopping arcade with access from the public banking area is planned for the ground floor of the Trader's Gate building. The rest of the building will be used as office space.

Mr. Collier said the bank also plans to put in a covered verandah extending to the edge of the Front Street pavement. He said there was once a verandah there but it had to be taken away it was so old and the bank had promised to put it back.

The four-storey building will become two storeys higher, but the added storeys will be stepped back towards Reid Street.

He said the final outcome will be "very pleasing and in keeping with traditional Bermudian architecture''.

Mr. Collier said the project will get underway sometime in November and take about 18 months to complete.

The bank will be fully operational while construction is taking place, he said, adding the redevelopment will "bring the bank into the 21st Century''.