(Newcastle, Maine) Dirigo Capital Advisors announced this morning that it has sold its Harbor House waterfront project to a commercial real estate developer.
The Standard of Newcastle, a company owned by entrepreneurial restaurateur and developer Xavier Cervera, closed on the purchase of the Harbor House yesterday in Newcastle. Cervera is well known for opening stylish restaurants and pubs in Washington, D.C. and Miami Beach.
Kevin Mattson, president of Dirigo Capital Associates, released a YouTube video today commenting extensively on the sale. He said the worldwide recession that began in 2008 and a sudden town moratorium on marina development combined to make the original development plan unfeasible, but he also said he is pleased with the eventual outcome.
“I’m really glad we stuck with it, and ignored all the unwanted advice to cut bait,” Mattson said. “The total collapse of the U.S. housing industry made this one of the biggest challenges we ever faced. Unfortunately my crystal ball wasn’t working in 2006, otherwise we never would have proposed what we did. But perseverance does pay off. The project will be different, but it will be a great addition to Newcastle.”
Mattson said he is especially thankful for the support he received from townspeople who understood unprecedented complexities created by the total collapse of the U.S. housing market. In Dirigo's video released published this morning, Mattson announced news of the sale and thanked the town for its patience.
Dirigo Capital Advisors (DCA) is a company with expertise in financial modeling, investor recruitment, large project planning, regulatory compliance, construction supervision and property asset management. It currently controls more than $200 million in commercial real estate in Maine, including large, iconic properties like the Central Maine Commerce Center in Augusta, Saco Island, MaineGeneral Health’s former Seton Unit in Waterville, 415 Congress Street in Portland, and MaineGeneral Health’s hospital campus in Augusta’s East Chestnut Street neighborhood, which is currently being redeveloped.