RFP For ‘Project 44’ FinTech Hub In Hamilton

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The Government issued an addendum to the RFP for the interior design and internal renovation for the third floor of the IAS Building on Church Street in Hamilton, saying they seek submissions for “Project 44, a premier FinTech hub that has coworking spaces that meets the needs of a non-traditional sector.”

The new revised timetable has a submission deadline of Friday, October 12th, and an amended description [PDF] as follows, “The Government of Bermuda is considering the most cost effective interior design and internal renovation solution for the third floor of the former IAS Building, located at 44 West Church Street, Hamilton, into Project 44, a premier FinTech hub that has coworking spaces that meets the needs of a non-traditional sector with sleeping pods, social quarters, environments for gaming, media centre and hot desks.

“Traditional spaces should also include but not limited to boardrooms, meeting rooms, communication/ telephone rooms, training room, dedicated office spaces, shower facilities and kitchens. The design and associated consideration of works will provide modern and sleek open spaces which eliminates walls and cubicles for office spaces. Additionally, provide options for custom build out offices and private office suites.”

The PLP has previously stated that part of their plan to grow the economy is to develop a technology hub, with the original plan being to have it located in Southside in the east end.

The Government previously commented about the co-working space at the Blockchain Town Hall held back in May, with Minister of National Security Wayne Caines speaking on the matter, saying the Government recently purchased a building in Hamilton, and the top floor will be put “aside for a co-working space.”

Speaking in May, Minister Caines said, “We want to set up an incubator where people can come to Bermuda with all of their ideas.

“Where they can come with all of their dreams, their aspirations, and we’re going to set up incubators, and there are companies in Bermuda that have been reaching out with their buildings, and they’re going to partner, and with their laboratories where people are going to be able to come and set up companies in Bermuda.

Extract from the Town Hall held on May 31 of this year where the Minister discussed the property:

“The reason why the incubator is so crucial, because you can have 30 different companies in one room. Remember the old Silicon Valley? So if you have a room and you’re saying okay this works, or this doesn’t work, and you have 30 companies in a room, we believe there’s a synergy. And suppose with one or two of those companies become the next Amazon or the next Google. Well, we’re hoping they will stay in Bermuda.”

The RFP addendum notes the “proposed start date is October 29, 2018, with a projected 3-4 month construction phase.”

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