Potential new owners for Scarborough Downs plan development

MarketsAssociated Press

The potential new owners of Scarborough Downs in Maine envision a long-term redevelopment of the property that will turn it into a town center, alongside an active racetrack.

Scarborough-based Cross Roads Holdings went under contract to buy a large parcel of the struggling harness racetrack, and leasing the track to the current owners. The Portland Press Herald reports the management team envisions transforming the property into a town center with housing and shopping, which could take up to 30 years.

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The track's new ownership won't impact Scarborough's current proposal to host a second headquarters for Amazon Corp.

According to Cross Roads Holdings, the lease agreement will allow Scarborough Downs to preserve 60 jobs.

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Information from: Portland Press Herald, http://www.pressherald.com