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Later called HMS Malabar, it has remained empty since the Royal Navy left Dockyard in 1995.
Craig Cannonier, Minister of Public Works, said the remarkable restoration was a fitting tribute to the buildings history.
Bermuda-built sloops - similar to the one shown above - had unique advantages.
Their construction from Bermuda cedar ensured they were durable and resistant to shipworm.
3275, issued by the Navy Office in July for building two sloops of war in Bermuda; draught no.
3276, for building the two sloops Bermuda and Indian (the brother of famous British writer Jane Austen, later an Admiral, commanded the latter from her commissioning in Bermuda); draught No. 3276, for fitting out the Bermuda and Indian; draught No.
Many of the buildings being renovated will be used by people from the Americas Cup as well as the ACBDA team, but after that, they will be available to locals.
Andrew Dias, General Manager at the West End Development Corporation (WEDCO), said: The work was always in the pipeline but was given fresh impetus as a result an insurance payout from recent hurricanes and the Americas Cup.
Wedco received a million grant from the Government for the project.
Mr Dias, who previously told The Royal Gazette that the project would be completed by April 20, said he was delighted with the final product.
Once the renovations, which include a complete interior restoration including additional bathrooms and layout improvements, have been completed, first use will go to the ACBDA until the end of the Americas Cup.
The Spar Lane Apartments are being given a new lease of life and once work is finished they will again be used as homes.
The North Basin Building #3 the Anchor Restaurant has also undergone renovation work including a roof replacement.