The 154-acre industrial and business subdivision connected to the Downs development project in Scarborough has completely sold out all of its 54 business lots, the developers said in a release today.
The Boulos Company, the Downs’ commercial real estate firm, indicated in the release that it anticipated selling five lots per year, selling off all the lots in ten to twelve years, not in two years. The subdivision broke ground in August 2019.
“We are proud of what we’ve created for this region,” said Boulos Broker Jon Rizzo. “This business hub will create jobs and become one of the biggest economic drivers for Scarborough and Greater Portland for decades to come.”
The $125 million subdivision, which developers refer to as an “Innovation District,” is the latest piece of an ongoing, multimillion-dollar development project on the 600-acre parcel in the center of Scarborough known as the Downs property.
Developers purchased the property in 2018 and forged an agreement with the town to build on the property, bringing residential, commercial and industrial development in a series of projects. Among other expected developments, the property will eventually be home to the town’s first actual downtown district.
The current subdivision emcompasses more than 825,000 square feet of non-residential space for industrial and commercial clients, according to the release.
“We are very pleased with how quickly this phase of development has progressed, especially given the uncertainty presented by the pandemic,” said developer Peter Michaud. “The lots went fast because we followed market demand, we are priced competitively and we delivered the flexibility needed for every buyer.”
Businesses in the new subdivision include the Throttle Car Club, AV Technik, Mainely Tubs and Shucks Maine Lobster. Last week, according to the release, pet healthcare technology firm Idexx bought a 25-acre lot in the subdivision.