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January 9, 2018

New owners of Scarborough Downs plan $20M in infrastructure upgrades

Photo / Jim Neuger
Photo / Jim Neuger
Scarborough Downs, one of southern Maine's largest parcels of centrally located undeveloped land, has been purchased for $6.7 million by two Scarborough families, who plan to keep the harness-racing track open but are looking to redevelop much of the rest of the site.

New owners partnering with others in redevelopment planning

Crossroads Holdings LLC is working with Scarborough's former town planner, Dan Bacon, who is now at South Portland-based Gorrill Palmer Consulting Engineers Inc.

It also retained Jim Damicis from Camoin Associates to conduct market research that will determine cost benefits to the town and to assess the positive economic impact that the project will have on the local and regional economies.

Crossroads Holdings also is working with commercial real estate partner, Drew Sigfridson, of CBRE/The Boulos Co. for sales, leasing and marketing for the mixed-use property.

One of southern Maine's largest parcels of centrally located undeveloped land has officially changed hands, with immediate plans to invest $20 million in infrastructure upgrades.

Scarborough Downs has been sold to two Scarborough families for $6.7 million. The deal was first announced in December.

The 500-acre property at Scarborough Downs was purchased by two sets of brothers — William, Marc and Rocco Risbara III, of Risbara Bros., and Peter and Richard Michaud, formerly of Michaud Distributors — under the business name of Crossroads Holdings LLC.

"This is a defining moment in Scarborough's history," Rocco Risbara said in a news release. "We look forward to creating something that brings people together, creates economic growth and builds a sense of hometown pride."

The harness racing business has also been sold to Crossroads Holdings LLC for an undisclosed sum. The Scarborough Downs track will remain open and will continue to be operated by the Terry family, the sellers, as it has for 38 years. The 60-plus employees at Scarborough Downs will retain their jobs.

Crossroads Holdings LLC expects to invest about $20 million to make infrastructure improvements to get the land for development, according to the news release.

Zoning on the property allows a wide range of uses, including the creation of a town center, mixed housing, active recreation and entertainment, as well as retail, commercial and industrial use.

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