Please do not leave this page until complete. This can take a few moments.
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.
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.
The Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Learn MoreWork for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Learn MoreFew people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
Comments