Investment group agrees to buy Scarborough Downs
A group of investors led by a Massachusetts developer has signed an agreement to purchase Scarborough Downs.
The Portland Press Herald reported that Cohasset, Mass., developer Thom Powers is leading a group of investors from the Boston area and Maine interested in redeveloping the property for residential, commercial and recreational uses. Powers’ company, Powers Realty, Development & Consulting, is an independent firm that specializes in distressed asset recovery, acquisition, construction and property management.
Mike Sweeney, spokesman for the Downs, told the newspaper this is the first time the owners have signed a purchase agreement to sell the entire property.
Powers told the paper he’d like to keep the racetrack operating if he can make the numbers work.
Powers formed Scarborough Downs Development LLC in Maine in January and signed the purchase agreement on March 1.
“It’s a big deal and it’s complicated and we’re just getting started,” Powers said. “We’re very interested by it, but it’s too preliminary to talk about it in much detail at this point.”
The 66-year-old Scarborough Downs horse track went on the market last fall with a price tag of $7.5 million for the 483-acre facility.
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