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Specializing in Maine real estate development

UNDER CONTRACT: 2 BR, 1BA, 960 square foot renovated home with garage in Newport. For more information, click here.

New Apartments in Hampden! Third Phase Underway Spring 2022 - For leasing inquiries click here.

JUST LEASED: 2 BR, 1 BA house in Orono!


Based in the Bangor area, Black Bear Development, LLC seeks to unlock value in each of our real estate transactions. We specialize in the acquisition, renovation, and re-sale or lease of formerly distressed properties. Our goals are to ensure that each project or assignment is a financial success and enhances each location or community. Black Bear Development, LLC was formed by David Spencer in May 2019.

Projects to date have included acquisition and subdivision of a 50-acre parcel in Holden; purchase, renovation and management of a 6-unit rental apartment / commercial property in Brewer; and the purchase, renovation and re-sale of foreclosed, single-family homes throughout Central Maine.

David Spencer, President and CEO

David Spencer.

Immediately prior to forming Black Bear Development, LLC, David worked for two years at Camden National Bank in Commercial Lending. David also has construction experience with Hamel Builders, Inc. (Elkridge, Maryland) as an assistant site manager, working on renovation of a 150-unit apartment community in Takoma Park, Maryland, and new construction of seniors apartments in Germantown, Maryland. He also volunteered in July, 2012, on a Habitat for Humanity Metro Maryland home construction project in Morazán, El Salvador.

David is a 2017 cum laude graduate of the Maine Business School at the University of Maine, Orono, where he majored in Finance and Economics.

John Spencer, CPA, Vice President and CFO

John Spencer.

John has 40 years of experience in the development, financing and management of affordable and seniors rental housing in the Washington, DC area, most recently 28 years as Senior Vice President and CFO of Victory Housing, Inc. in Rockville, Maryland. He holds an undergraduate degree in Economics from the University of Pennsylvania and a MBA from the University of Maryland. John is a licensed CPA in Maryland.

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Black Bear Development LLC offers a range of development and consulting services, including acquisition and renovation of foreclosed and/or distressed properties, land development, permitting, and road or utility installation. We can serve as the developer or as part of the project team. We are nimble and can react quickly to opportunities. Black Bear Development LLC is looking to establish long-term relationships with our clients, customers, and vendors. To find out how we can help you, please Contact Us.

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Work continues in Hampden on the eventual 20-unit new construction apartment community called Rockhaven Apartments. The second four(4)-unit building was completed and occupied in Spring 2022. All units are one-level, two-bedroom, two-bath homes with attached one-car garage, and include stainless steel appliances, washer and dryer, and patio. Click here to see plans of the new units. A second phase of two additional four-unit buildings will be completed by Fall 2022, bringing the community to 16 total units. For leasing inquiries click here.

Interior Progress Photos from Second 4-Unit Building

First Four-Unit Building -- July 2022

Our Newest Toy -- Meet our Excavator -- July 2022!

Our New Skid Steer / Bobcat On The Jobsite!

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2022 -- Newport -- 2 BR, 1BA, 960 square foot renovated home with garage. UNDER CONTRACT. For more information, click here.

2022 -- Stockton Springs -- 3 BR, 2BA, 2400 square foot renovated home with garage, barn, acreage and Penobscot Bay water view SOLD. Click here for details.

2021 -- Corinth -- Renovated 4 BR, 2 BA home with two-car garage, on 2 acres SOLD Click here for details.

2021 -- Glenburn -- Renovated 3 BR, 1 BA, 1200 square foot home with garage, on 1.65 acres. SOLD Click here for details.

2021 -- Union -- Renovated 3 BR / 2.5 BA, 2,058 square feet home. SOLD

2020 -- Bucksport -- Substantially renovated 3 BR, 2 BA, 1200 sf single-family home. SOLD

2020 -- Eddington -- Updated 4-bedroom, 2.5-bath single-family home with 2-car garage. SOLD

2019 -- Eddington -- Purchase, substantial renovation and re-sale of 3 BR, 2 BA single-family home. SOLD

2018 -- Lambert Road, Holden -- Purchase, subdivision and re-sale of 50-acre undeveloped tract of land. SOLD


2020 -- 347/349 Wilson Street, Brewer -- Four(4) newly renovated apartments and a total of 2,300 square feet of commercial and office space completed in June. Fully leased shortly after completion. For some before and after photos of our Wilson Street project, please click here.

2022 -- Island Avenue, Orono -- Renovated 2 BR, 1 BA single-family home

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2020 Brewer Commercial Renovation

347 Wilson Street, Exterior - Before and After

349 Wilson Street, Exterior- Before and After

347 Wilson Street, Interior - Before and After

349 Wilson Street, Apartment - Before and After

2020 Union Single-family Home Renovation

Union, Exterior - After

Union, Kitchen - Before and After

Union, Bedroom - Before and After

Union, Bathroom - Before and After

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For more information on our company or on available properties and units, contact David Spencer
at dspencer@blackbeardevelopmentllc.com or (207) 951-2896.

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Last updated: 7/22/2022