Scarborough Downs, which recently announced intentions to relocate to Biddeford, is selling 400 acres of its Scarborough property for an asking price of $12.2 million. This parcel of land is consider prime commercial real estate and is the largest contiguous parcel of land in the town.
According to the listing from CBRE/The Boulos Company, the commercially zoned land abuts the racetrack and has frontage on Route 1, Haigis Parkway and Payne Road. In a statement from Andrew Ingalls, of CBRE, the sale is not related to the racetrack interest in operating a racino in Biddeford. That is separate and a proposal is schedule to go before voters in November of this year.
Scarborough Downs has pushed for slot machines at its facility, saying it needs other gambling revenue to support its overall financial situation. In 2008 in Scarborough defeated a referendum to allow the racino.
The property is currently zoned for most business use, but changes in zoning could be envisioned to conform to Scarborough’s comprehensive plan, which features a village environment.
The comprehensive plan envisions mixed-use development in the area, blending housing and “community-scale” retail and services, while specifically discouraging shopping centers and big-box retailers.
Scarborough Downs had proposed building a 235-acre retail and office development on that property using slot machine revenues if voters approved the measure.
Additionally, an entertainment group that wants to build an amphitheater has shown interest in the property, but Ingalls told the Portland Press Herald, in the same interview, that its verbal offer was too low.
Posted by: Michael Sosnowski
Categories:
Maine Real Estate
Commercial Real Estate