Construction Begins on Portland Waterfront Parking Garage.Ocean Gateway Garage to Add 720 Parking Spaces; Serves as Catalyst for Community Development PORTLAND, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part -- Riverwalk, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control 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 Noun 1. planning board - a board appointed to advise the chief administrator advisory board governance, governing body, organisation, administration, brass, establishment, organization - the persons (or committees or departments etc. 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 A general contractor is an organization or individual that contracts with another organization or individual (the owner) for the construction of a building, road or any other execution of work or facility. 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 condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. 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 watermark: see paper. See digital 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 operating company A business that engages in transactions with outsiders. 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 Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. and real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. 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. |
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