Paget Health Services, the consortium building the new Acute Care Facility at the King Edward VII Memorial Hospital, estimates the project could add 50 jobs to the Island's economy.

The $260 million project is expected to begin in December and finish in 2014. The consortium will be responsible for maintaining the building for 30 years.

Paget Health Services Design Manager Alan Austwick said the consortium was very much aware the project was a long-term relationship.

"We knew that in order to be successful we had to include local and international companies who could design, build and service the facility for 30 years," he said.

The Bermuda Hospitals Board's business advisor Malcolm Butterfield said from the start the project would result in jobs for locals.

"It is safe to say, not withstanding the international piece to this, local talent and local resources will clearly not be left out and will be utilised when we can and where we can during this dynamic and exciting project for Bermuda."

Paget Health Services is headed up by BCM McAlpine which is a 60 percent Bermudian owned company that has operated on the Island for 84 years.

The company recently completed projects including The Waterfront, at Pitt's Bay, Washington Mall 3, and Windward Place.

Mr. Austwick said: "BCM McAlpine will be Paget's design-builder, responsible for the design and construction of the new facility. The non-Bermudian stake in BCM McAlpine is held by the Sir Robert McAlpine group, who will support the project with staff who have significant health care experience and resources that are not available in Bermuda."

He added that the company had a lot of experience working within the PPP model.

Also involved in the consortium is Canadian firm Black & McDonald.

The company has completed more than $350 million in mechanical and electrical construction projects at 28 Ontario hospitals since 2005.

They were subcontracted by BCM McAlpine to install the mechanical and electrical building services, and provide the facilities management of the new hospital for 30 years.

The company plans to employ Bermudians in the long-term to meet the 30-year maintenance commitment.

Other overseas firms involved in the consortium include architects Swanke Hayden Connell and technical advisers AECOM.

The local companies involved are OBM International, Mid-Atlantic Consulting Engineers, Brunel, BCS/IBM, Masterworks Foundation, BF&M and law firm Wakefield Quin.

The final contract between Paget Health Services has yet to be signed so Mr. Austwick said he could not comment fully on the financing, though he added that in general PPPs run on a system where ten percent of the equity is raised by the consortium and then overseas loans would be sought for the remaining 90 percent.

"The BHB has been a very good client," he said. "Often you find great buildings come out of good clients. They have clearly articulated what they want and where they want to be. They have worked us very hard and have stuck to their deadlines, which makes it easier for us."