One of the investors who competed for a chance to develop the 250-acre site at Morgan's Point is calling on the Bermuda Land Development Corporation (BLDC) to re-open up the bidding process.

The call comes after The Royal Gazette yesterday revealed that a group of financial backers are looking to take over the winning scheme from Morgan's Harbour Investment Ltd. after getting assurances from Government.

Investor Kit Astwood, who was part of King's Point Land Co. Ltd., yesterday said BLDC should reopen bidding as Morgan's Harbour has delayed getting its project going for almost two years. King's Point was one of the local companies competing to develop the site along with BEAM Ltd.

Since it won the bid in March 1997, Morgan's Harbour has had difficulties in raising the $290 million needed to develop its plan. The project had also been put on hold before the November election due to uncertainty over which party would be in power.

Mr. Astwood said King's Point had planned to break ground by the end of 1997 and produce a golf course designed by Arnold Palmer by October 1998. The King's Point plan also proposed to build 112 houses on the site.

"There may be a case for reopening the bidding,'' he said. "There seems to be a lot of changes made since the decision was made. The goal posts have changed.'' He said some of the original backers in King's Point were ready to resubmit their scheme again.

"There is a glimmer of interest there,'' he said.

BLDC declined to comment yesterday. Opportunity and Government Services Minister Terry Lister did not return calls. Finance Minister Eugene Cox was off the Island.

Alan Burland of BEAM Ltd. said the company was open to the opportunity to develop the site.

"Clearly the deal has not closed after two years and should the opportunity arise BEAM would like to meet with the BLDC and the new Government,'' he said.

"All of our team is still in place.'' The Royal Gazette reported yesterday the potential financial backers of the Morgan's Harbour scheme had met with the newly-elected PLP Government ministers last week.

The backers want Government assurances about such issues as environmental cleanup of the 250-acre site before going ahead with the project. Before committing to the project the financing partners want a cap on the amount of liability they could face from any oil pollution remaining at the site.

The partner also wants Government commitments over such issues as providing regular ferry transportation to the site.

Apparently, if negotiations are successful, the financiers are set to begin the project in six months after a formal development agreement is signed.

Morgan's Harbour proposes to build a championship golf course, a 200-bed cottage colony, a village centre, a marina, and 318 residential units.

Morgan's Harbour was formed by UK-based Renaissance Resorts International.

BUSINESS BUC