St George’s residents are losing hope that the promised Park Hyatt Hotel will come to fruition after years of waiting.According to lease agreements, construction on the resort should have been completed within 48 months after the site was cleared in 2008 — ground has yet to be broken.Said one East End businessman who asked not to be named: “At this point I think the assumption is that it’s not going to happen.“I would love to be proven wrong, but I think the time has passed.“Hopefully something else can be done with the site. Perhaps it can be handed to another developer, but with the economy the way it is that may be a long shot right now.”Another business owner joked the project is being referred to as the “no-tel” because of the belief it will never be built.“I just don’t think it’s going to happen,” he said. “Having said that, I never liked the design anyway, so it might be a good thing. It looked like they were pouring concrete down the hill.“I think it should be taken away from [developer Carl] Bazarian and something else done with it. He’s gone past his deadlines, so what are we waiting for?”Government acted too soon in demolishing both the St George’s Golf Club and the facilities at Fort St Catherine Beach, the man added.A third business operator noted that the Park Hyatt project was not the only hotel development on the Island that has stalled.“I don’t think it’s a case of a lack of effort by the Park Hyatt people to make progress. It’s our Government. There’s nothing happening in Bermuda.“Park Hyatt, St Regis, they are stuck and I’m very saddened by the whole thing. I don’t think it has anything to do with St George’s. There needs to be a change of gears, a change of mindset.”Efforts to contact Mr Bazarian and local spokesman E Michael Jones were unsuccessful yesterday.St George’s Mayor Kenneth Bascome said that both he and others are disappointed in the lack of progress.“Well, all I can say is that it’s been disappointing for myself as Mayor. And speaking with a number of people in the community, they are very disappointed that at this stage nothing concrete has been done.“We continue to hear that the developer is committed to the project, so all I can say is that I am disappointed nothing has transpired.“I would hope that Government would make some overture to the developer to see where Mr Bazarian is with the financing and see if maybe we should put the property back onto the market for another developer.”Regardless of the status of the resort project, Mr Bascome said something has to be done with St George’s Golf Course as it’s slowly becoming an eyesore due to a lack of maintenance.“The golf course is becoming more unkempt,” Mr Bascome said. “I would hope that local representatives would do something to bring the golf course back up into a pristine [state].”He noted that tourists walk through the golf course en route to Tobacco Bay, Fort St Catherine Beach and Fort St Catherine.“I believe it should be put into a better condition than it is now. It is on the way to three attractions.”The United Bermuda Party recently called on Government to reconsider the lease on the property, saying the developer is in breach of contract.St George’s West MP Kim Swan said: “The lease agreement between Mr Bazarian’s company and the Bermuda Government specified a 48-month period for completion of construction and that deadline was obviously an impossible target more than two years ago.“We, the UBP, call on the PLP Government to reconsider the original lease of public lands which includes an already constructed golf course which sits on 80 acres within the Town of St George, and share with people of Bermuda via Parliament their intent on the lease of the property which is in now in breach.”The resort project was first announced in 2007 when plans stated it would consist of 100 rooms and suites, 140 condos and 40 fractional units. It was expected to be completed by spring 2011 at an estimated cost of $294 million.The former Club Med hotel on the site was imploded in August 2008, after two decades of deterioration.In 2009, Mr Bazarian said he hoped construction would begin in the fall of that year. In October of 2010 Premier Ewart Brown announced that the funding for the resort was fully in place.Early plans were submitted to the Planning Department in September, 2010; revised plans were approved a year later.In March, it was revealed that Mr Bazarian and the Ministry of Tourism were in talks about proposed amendments to the 262-year lease.