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This article is more than 10 years old now, but it offers a fairly lengthy discussion on real estate situation that faced Bermuda in the 1990’s.  To briefly recap, the American lease on the property was set to expire, and the US Government decided to not press for a renewal.  The 1990’s were a time of sweeping base closures, as a result of the Soviet Union disbanding and communism crumbling and falling apart.  With not much of a strategic objective, Naval Air Station Bermuda and the Naval Annex were both seen as “Club Med” assignments.  Since Bermuda is so small, the base closures opened up a whole new universe of real estate development.


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