- Project
- Northeast
- Town/City/Village
- Real Estate
The Challenge
In 2017, Cross Roads Holdings LLC acquired the 500-acre Scarborough Downs site in Scarborough, ME, and embarked on a 10- to 20-year effort to redevelop the property into a walkable mixed-use village, featuring a variety of housing types, a village center, recreational and entertainment facilities, and an assortment of retail, office, and light industrial space.
Representing investment upwards of $500 million, this would be the largest development project ever undertaken in Scarborough, a suburban community without a traditional town center.
The Solution
The developers hired Camoin Associates to conduct a comprehensive real estate market analysis of the region to understand the development opportunities for the site, as well as provide advice on design, phasing, project messaging, and strategies for financing the extensive infrastructure costs associated with a project of this scale, including tax increment financing (TIF).
The Impact
Working closely with both the developers and the Town of Scarborough, Camoin Associates is working to ensure that the Scarborough Downs redevelopment results in an outcome that maximizes public benefits, including tax revenue generation, job creation, and enhancement of the quality of life in the town, while generating a fair return to investors.
