Bermudiana Hotel site have been submitted to the Development Applications Board for in-principle approval.

But while the $130 million plus plans are backed by the Tourism Ministry, they could come up against opposition from the Corporation of Hamilton and the Bermuda National Trust, it was learned yesterday.

With its entrance on Woodbourne Avenue -- just outside the City of Hamilton boundary -- the Bermuda Financial Centre Limited's developers are hoping to create the "Wall Street of Bermuda''.

The developers, headed by Government Senate Leader the Hon. Michael Winfield, said the Island lacked a central physical core for its growing financial activities.

Corporation members will be considering whether or not to object over the next few weeks, secretary Mr. Roger Sherratt said yesterday.

The Corporation earlier this year objected to the re-zoning of the Bermudiana Hotel property to "commercial'' under the new Development Plan, saying it would create an undesirable, sprawling city.

The Planning Tribunal which heard the case has not given a decision yet, Mr.

Sherratt said.

"Obviously, in the meantime developers have submitted specific plans and now the Corporation must consider whether it will lodge a separate objection to those plans,'' Mr. Sherratt said.

Trust director Miss Amanda Outerbridge said a meeting was planned last night between architects Bath & Butterworth and the Trust's environmental committee.

She would know whether or not the Trust was going to lodge an objection later in the week, she said.

BFCL's application was advertised in local newspapers last Friday, informing anyone opposed to the development that they had 14 days to lodge an objection with the Planning Department.

Project shareholder Mr. Jeff Conyers, president of First Bermuda Properties which is assisting in the financing of the massive development, yesterday said no objections were expected.

Saying the project could be "the most significant development for Bermuda in many years'', developers said in a cover letter to the DAB they were hoping for a speedy decision given the financial implications of the project.

It is costing at least $131 million for the entire project, including purchase of the property.

Developers must meet Forte Hotels $14.5 million purchase price by December 7 or forfeit $1.4 million -- 10 percent of the purchase price.

But they last month succeeded in raising more than their $1 million minimum target in a local public offering.

BFCL's cover letter also said the "grand house'' hotel would "eliminate the blight of the Bermudiana''. It would reflect traditional design concepts with Bermuda roofs and shutters, and be situated in a park setting.

Accompanying the plans was a certificate of approval from the Tourism Ministry.

The plans call for the old Bermudiana Hotel to be demolished and replaced by "an integrated community of buildings'' on a five-acre site of the property.

The Bermuda Financial Centre will include: A five-star hotel offering 300 rooms on nine floors. (According to developers BFCL is currently in discussions with "two of the world's most prestigious hotel management companies'').

Three office buildings with ocean views -- comprising 200,000 square feet of office space; A modern 1,000 seat business convention centre plus meeting halls; A health spa, swimming pool and squash courts; A series of "town houses'' with private gardens to meet demand for executive housing for foreign businessmen and women; Restaurants and shops; and An underground parking lot.