The Downs Work Slider 005

Construction underway of first two Innovation District buildings at The Downs

Scarce industrial space and short development timelines are among the factors driving interest in the Innovation District at The Downs in Scarborough.

The sales of the first two lots at 90 Payne Road in the 80-acre business park were finalized in December.

Oyster Development bought the 1.43-acre Lot 28 from Crossroad Holdings LLC for $450,000. Drew Sigfridson, Jon Rizzo and Jessica Estes of The Boulos Co. brokered the deal, which closed Dec. 17.

ZBC Blackwood LLC bought the 0.89-acre Lot 32 from Crossroad Holdings LLC for $267,000. Sigfridson and Rizzo, along with Craig Church of Magnusson Balfour brokered the deal, which closed Dec. 5.

“These lots are being delivered ready to build,” said Rizzo. “The lots are cleared and utilities are coming to the site. That speeds up the development process.”

The park is a section of Crossroad Holdings LLC’s 510-acre mixed-use development featuring residential, retail and commercial neighborhoods at the former Scarborough Downs. Crossroad Holdings LLC is owned by two sets of brothers: William, Marc and Rocco (Roccy) Risbara III of Risbara Bros., and Peter and Richard Michaud, formerly of Michaud Distributors. They bought Scarborough Downs in a deal announced in December 2017.

For entire article, please visit the source.

Source: mainebiz.biz