Construction Starts on Major Parking Garage in Portland

PORTLAND, Maine--(BUSINESS WIRE)--April 26, 2007--Riverwalk, LLC and Intercontinental Real Estate Corporation announced today that construction has begun on phase one of their joint residential and commercial development on Portland's eastern waterfront. Community and project leaders gathered to break ground on the new, 185,000-square-foot Ocean Gateway Garage -- a six-story, 720-space parking structure to be located at the corner of Middle and Hancock Streets. The $20-million facility is designed to provide parking to meet growing local demand and islander parking, as well as attract tenants and redevelopment to the eastern waterfront.

"As we break ground on this project, we would like to express our sincere appreciation for the support of the Portland City Council, Planning Board and the residents of Portland for helping to champion this effort," said Riverwalk, LLC co-developer Drew Swenson. "Portland is a thriving and dynamic city, and we believe the Ocean Gateway Garage will support its growth long into the future."

Riverwalk, LLC is led by Swenson and Shipyard Brewing Company owner Fred Forsley. They are partners on the project with Intercontinental Real Estate Corporation, a Boston-based real estate investment, asset management and development company. "This development is a testament to Portland's status as a preeminent city and a great place to live," said Peter Palandjian, chairman and CEO of Intercontinental. "We are excited to work with the Riverwalk team and look forward to continuing our relationship with Maine and the city of Portland."

"This groundbreaking is an exciting first step in a project that will provide an estimated 700 construction jobs and revitalize an underused part of our city," said Joseph E. Gray, Portland city manager. "The garage will not only provide parking for Portland and island residents, but will also accommodate thousands of additional visitors who will visit Portland with the opening of the new Ocean Gateway passenger terminal next spring."

South Portland-based Ledgewood Construction was selected as general contractor to manage the project. The garage is expected to open in late spring 2008.

The Ocean Gateway Garage marks the first phase of a 2.9-acre condominium and retail complex scheduled to commence construction this summer. The project is centered around the development of 125 luxury condominium residences, previously known as "The Longfellow Residences," and recently renamed "The Watermark." The Watermark will include 30,000 square feet of retail shops and a 31,000-square-foot, five-story office building in addition to the 125 luxury residences featuring waterfront views and luxury concierge amenities. More information about the Watermark is available at www.thewatermarkportland.com.

About Intercontinental Real Estate Corporation

Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has built, developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental manages a portfolio in excess of $1.6 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects.

About Riverwalk, LLC

Riverwalk, LLC is a joint venture real estate development formed between Drew Swenson, Fred Forsley, Steve Brackett and Alexander Spaulding. Swenson and Forsley bring many years of experience in Portland-area real estate development, brokerage and management to the project. Brackett and Spaulding are Boston-based venture capitalists and real estate investors with substantial ties to Maine and Portland. Brackett is a managing director of Lincoln Vale LLC and Spaulding is the managing director of Seaglass Capital.

(Business Wire -- 04/27/07)

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