Brookfield Re gets approval for new HQ
Bermuda-based re/insurer Brookfield Re’s plans for a new headquarters building on Front Street in Hamilton have been approved on appeal.
Brookfield’s plans, which will include space for other Bermuda-registered Brookfield companies and retail space, called for a nine-storey building.
The height of the building drew opposition from the Bermuda National Trust and was turned down by the Development Applications Board because it breached maximum allowable building heights in Hamilton.
But Cabinet Office minister Vance Campbell upheld the appeal by architects Botelho Wood, which had argued the size of the building was necessary for the project to be viable.
Botelho Wood partner Ted Wood said “removal of one floor will jeopardize the viability of the building for Brookfield”, but added the company had reduced ceiling heights to the minimum required for Class A office space, adding: “There will be a negligible benefit from a minor reduction in height by compromising the office space.
In its appeal, Botelho Wood also argued: “As a substantial project it will provide a boost to the lagging commercial construction industry and support economic growth through anticipated job creation during construction as well as with the on-going building operation and maintenance investing in the local workforce.”
Wood added: “We acknowledge that the building exceeds the currently permitted height and we see that as indicative of the future for Hamilton.
“It is understood that the Hamilton Plan 2025 will recognise the benefits of intensifying development within the city. In the public presentation is was indicated that the 2025 Plan will be flexible with height limits.”
A Government spokesperson told The Royal Gazette newspaper: “Quite simply, this project is a demonstration of the significant confidence in Bermuda as a premier business centre, and the success of any business development benefits all of Bermuda.
“This project is a major investment that will translate into more jobs and opportunities for Bermudians and expanded economic growth for our island. As an added note, this is a tangible reinforcement of the importance and success of our Economic Development Strategy. So, these are the obvious and welcome benefits that this project will bring.”
Karen Border, executive director of the Bermuda National Trust told The Royal Gazette: ““It seems that if a multinational corporation worth $64 billion wants to flout Bermuda’s longstanding building-height regulations they can do so, although they could afford to remove a storey or two.
“To be clear, the Bermuda National Trust does not have an issue with a modern, new building in this location, just with the excessive height, which would tower over adjacent buildings and mar the city skyline, including views of the cathedral from across the harbour.
“Moreover, this development would likely set a precedent for similar high buildings in the historic and retails district of Hamilton, although there does not seem to be a shortage of existing office space.”
Brookfield Re has been rapidly expanding since it was established in 2020. It has purchased American National Life Insurance in 2022 for $5.1 billion.
It agreed earlier this year to buy all of the shares it did not already own in American Equity Life for $4.3 billion and it closed its $1.1 billion purchase of Bermuda-based property casualty re/insurer Argo in November.
When the American Equity purchase closes in the first half of this year, Brookfield said it expects to have more than $100 million in insurance assets.
