Scarborough Downs selling land
Scarborough Downs, which recently announced intentions to relocate to Biddeford, is selling 400 acres of its Scarborough property for $12.2 million.
According to the listing from CBRE/The Boulos Co., the commercially zoned land abuts the racetrack and has frontage on Route 1, Haigis Parkway and Payne Road. Broker Andrew Ingalls told the Portland Press Herald the sale is not related to the horse racing facility's desire to operate a racino in Biddeford, a proposal that goes to voters in that city in November. Scarborough Downs has pushed for slot machines at its facility, saying it needs other gambling revenue to support its bottom line. Voters in 2008 defeated a referendum to allow the racino.
The town of Scarborough last year began reviewing zoning on the property, the largest contiguous parcel of land in the town, to ensure it fit into its comprehensive plan, which calls for a multi-use, walkable village. Scarborough Downs had proposed building a 235-acre retail and office development on that property using slot machine revenues if voters approved the measure. An entertainment group that wants to build an amphitheater has shown interest in the property, but Ingalls told the paper its verbal offer was too low.
Go to the article from the Portland Press Herald >>
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