Earlier, there had been at least three failed bids to redevelop the area on a leasehold basis. The first was from British based Renaissance Resorts International Ltd. It won the bid but failed to act. The second was from Morgan's Harbour Investment Ltd. It too won the bid but also failed to act in 1999. The third was from BEAM Ltd. The $250-$300 million project was expected to create 220 jobs in the first two years of development and 350 more thereafter. It was to have included a PGA championship 18 hole golf course - for which two plans were drawn up by famous golfers; a community village; cottage colony; housing, with a range of medium and high priced homes; and marina in two phases, to include coastal protection works; an environmental cleanup; installation of electricity, water, telecommunications and sewage treatment facilities and public parks.  But nothing happened. Announced on October 24, 2003 was the news that the Bermuda Government, instead of all previous projects, intended to turn Morgan's Point into Bermuda's fourth residential hub, after Hamilton, St. George's and Southside in St. David's. But that too stalled. Environmental clean-up costs at the massive former Base are often cited as the reason for lack of interest in the property. In 2002 it was estimated that cleaning up the former US Naval Annex would cost $30 million.