File photo / Tim Greenway
Roccy Risbara was honored as a Mainebiz Business Leader of the Year in 2020.
Updated: December 8, 2020
The Downs moving 'at full speed' despite setbacks, Scarborough developer says
Courtesy / Crossroads Holdings
Projects at The Downs mixed-use development in Scarborough include The Gables, a 30-unit condominium complex approved by the town's Planning Board on Monday and shown in this rendering. The complex consists of two 12-unit buildings and one with six units.
Even if WEX Inc. and ESG Associates Inc. end up pulling the plug on or scaling back a pair of sizable building projects at The Downs in Scarborough, Roccy Risbara of Crossroads Holdings Inc. is sure the mixed-use development will be a success.
WEX recently hit pause on a $50 million operations center at the mixed-use development, while the makeup of ESG's envisioned sports complex is still up in the air as the pandemic stalls the town's consideration of a community center inside. Though he sees those projects as the "two biggies," Risbara isn't too worried if they don't come to fruition or experience further delays.
"If they don't come, then it's going to slow us down just a little bit," he told Mainebiz in a phone interview last week. "Other aspects of the projects are moving at full speed, or even faster than we thought they would."
That includes a three-building, 30-unit condominium complex called the Gables that got approval as expected from the Scarborough Planning board Monday evening.
The Downs is on 525 acres of land purchased in 2017 for $6.7 million by two sets of local brothers, the Risbaras and the Michauds.
They formed Crossroads Holdings to buy the land and the aging Scarborough Downs harness race track, operated by the Terry family until the bittersweet close of a tough season and seven decades of live racing on Nov. 28.
Land 'too valuable to race horses on'
Asked whether there would are any chance to reinstate racing at the Downs, Risbara said that was never part of the plan. He also said it was important to the developers to ensure a smooth transition for the Terry family.
"The land that the track occupies is just too valuable to race horses on. We knew that from Day One," he said.
"We knew it would likely have to change, and we've been working with them quite closely to make that transition ... That was always part of our plan, and it took a year longer than we thought." He said he believes that live racing will move to the Cumberland County Fair grounds.
The Downs remains a beehive of building activity with crews of 100 to 200 construction workers there on an average day, according to Risbara, honored as a Mainebiz Business Leader of the Year in 2020.
"It's a bright spot in a lot of other news that isn't positive. It makes me feel good to know people are working, because nobody wants to collect unemployment ... We've got great work away and great work ahead of us, and next year looks even busier than this year for us. We're very excited about what we have in the pipeline."
Residential, commercial update
On the residential side, Phase 1 is in full swing with 126 units in the Mill Village District plus a 12-bed memory care built and fully occupied, while 30 affordable senior living units are under construction and 39 are approved and awaiting funding. Phase 2 is also making progress, with nearly 70% the planned Town Center residential district sold to date.
That total includes 23 single-family homes, 24 condominiums, 58 apartments and 1,800 square feet of commercial space that will house The Downs administrative offices, with move-ins scheduled to start in May.
Lots are also going fast in the Innovation District, a new mixed-use hub for commercial and light industrial development with 54 shovel-ready lots of different sizes.
As of November, 11 of those lots were sold and seven were under contract, according to Crossroads Holdings.
While AV Technik and Scorebuilders sites are complete and occupied, the sites for Throttle Car Club, Ducas Construction and a pair of industrial office condos are all under construction. Sites for Mainely Tubs, Zoom Drain, Pride Self-Storage and Oyster LLC all are permitted and their construction starts are now being planned.
By spring, Risbara said the expectation is for eight more buildings under construction.
"We've got some really good stuff happening there, which is a big deal not only for us, but also for the state," he said. He's particularly excited about the future Throttle Car Club in a 38,000-square-foot building where car collectors will be able to keep their vehicles and have them serviced.
"It'll have a club atmosphere with a bar area and meeting rooms, and also an element on office space," he said. "The roof is on that building and it's well under way. I think they're going to occupy right around April or May of next year."
Risbara also said the developers are negotiating a lease on 40,000 square feet with a party that cannot yet be named, and that interest on the commercial side goes hand-in-hand with residential development.
"The way The Downs works," he said. "Having that commercial space helps drive the residential piece and vice versa. Everyone coming with their business is excited to have employees that actually live there and can walk to work. It's pretty interesting."
The Downs is projected by the developers to create close to $6 million in new revenue for the town of Scarborough through 2023 and generate $2.6 million in new cash flow.
Looking at the bigger picture down the road, Risbara said, "If the economy holds and can survive COVID, we're going to be doing well. If The Downs is doing well, then the town's doing well and the state of Maine is doing well."
Most Recent
Most Recent
0 Comments