Company finalizes Scarborough Downs deal
SCARBOROUGH, Maine (AP) — A local company has completed its purchase of the Scarborough Downs track in Maine.
Cross Roads Holdings announced Monday it bought the 480-acre property for $6.7 million last week. The property went under contract in October.
Cross Roads says it will convert the property into a town center with housing and shopping, alongside an active race track. Cross Roads has leased the track portion to the original owners, who’ll continue to operate harness racing and preserve 60 jobs.
The management team includes two sets of brothers from Scarborough. They say the track’s new ownership won’t impact Scarborough’s current proposal to host a second headquarters for Amazon Corp.
Officials plan to discuss the project at a planning board meeting Monday.
Information from: Portland Press Herald, http://www.pressherald.com