News

Portland, Maine, August 17, 2007

Groundbreaking Event for The Watermark Celebrates Luxury Living on Portland’s Waterfront

Riverwalk, LLC and Intercontinental Real Estate Corporation celebrated the groundbreaking of their luxury condominium building, The Watermark, on August 16 with an understated but elegant party attended by Portland business and political leaders, local celebrities and potential buyers.

Located at the corner of India and Commercial Streets on Portland’s eastern waterfront, The Watermark will be a six-story building that features 122 luxury condominiums,100 underground parking spaces, and 28,000-square-feet of ground-level retail.

“We believe this project is filling a real demand for luxury housing downtown,” said Riverwalk, LLC co-developer Drew Swenson. “Not only will The Watermark offer residents spectacular views of Casco Bay, but they will be only steps away from all the fine dining, shopping and cultural events of Portland’s Old Port. We are striving to celebrate Maine’s lifestyle by providing a luxury condominium project with a down to earth drift. We like to call it refinement on a rugged coast.

Guests at the groundbreaking celebration received custom-embroidered L.L. Bean gift bags filled with products donated by local merchants including a “Best of Portland” DVD, a sample-size bottle of Three Olives Vodka, pint glass from the Inn on Peaks Island, Coffee by Design coffee, Cap’t Elis’s soda and Mad Gabs lip balm. Local bakeries Standard Baking and Two Fat Cats provided food for the event. Portland-based Coffee by Design poured a specially blended Watermark coffee and White Rock Distilleries of Lewiston served The Great Diamond, a martini they created exclusively for the groundbreaking. The spacious tent housing the event featured furnishings from Portland’s Green Design Furniture as well as rugs and furniture provided by designer Angela Adams, also based in Portland.

Riverwalk, LLC is led by Swenson and Shipyard Brewing Company owner Fred Forsley. Intercontinental Real Estate Corporation, a Boston-based real estate investment, asset management and development company is providing the financing and development oversight for the project.

“We are excited to begin construction on what will be the premiere waterfront condominiums in Portland,” said Nick Iselin, Director of Development for Intercontinental Real Estate Corporation. “Portland is a dynamic and thriving city and we believe The Watermark will establish a new level of refined living  in downtown Portland.”

The Watermark will offer residents a truly luxurious lifestyle with its elegantly appointed interiors, flexible residential layouts, lavish amenities and concierge services. Construction is expected to be completed in late 2009. More information about The Watermark is available at www.thewatermarkportland.com.

Photos are available upon request.

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 $1.7 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, Stephen 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 attended Bates College and Spaulding is the managing director of Sea Glass Capital and attended Bowdoin College.