A real estate sales office has been formed at Morgan’s Point ahead of a major development that it is hoped will help rejuvenate the Island’s economy.

Today, Bermuda Realty Company Ltd and Morgan’s Point Development Ltd announced they had agreed to form a joint venture real estate company in preparation of the impending development of phase one of the luxury residential and hotel proposal.

The project will include 149 branded luxury condos and a 79-room five-star boutique hotel with world class spa and restaurants. The distinguishing factor is said to be its mega-yacht marina, slated for completion next year.

Brian Madeiros, president and CEO of Bermuda Realty Company, said in a statement: “The joint venture allows us to work directly with the property developer to create and market a brand new product for Bermuda.

“There are several phases of development and an intricate knowledge of the past, present and future of the development site is absolutely necessary to effectively showcase this phenomenal real estate opportunity.”

According to a press release, Morgan’s Point development team shareholders including Brian Duperreault, Craig Christensen and Nelson Hunt embraced the collaborative partnership, stating: “This innovative and unconventional approach to a sales agency business model will more closely align the objectives of both business partners.”

The press release said the new company, once incorporated, will benefit from the global exposure and branding of the Coldwell Banker organisation. Coldwell Banker boasts 3,047 offices around the globe, in 43 countries, and more than 86,000 sales representatives.