A Scarborough-based group comprising two sets of brothers has finalized the purchase of Scarborough Downs for nearly $7 million.

Cross Roads Holdings went under contract in October to buy the 480-acre parcel at Scarborough Downs and lease the track to its existing owners.

The group last week closed the sale for $6.7 million, according to an announcement Monday morning.

The holding group’s management team includes William, Marc and Rocco Risbara III of Risbara Bros., and Peter and Richard Michaud, formerly of Michaud Distributors, all longtime Scarborough residents.

The owners envision a long-term redevelopment of the property into a town center with housing, shopping, dining, offices, an interconnected road network, trails, recreation facilities and more.

The build-out could take 15 to 30 years, according to an introductory letter from the company to Scarborough’s Long Range Planning Committee.

“The town wants and needs different types of businesses and different types of services as well as different types of housing that can all be met with this property,” Rocco Risbara said in an interview in December.

“For us, we recognize it has wonderful development potential.”

Scarborough Downs has hosted live races since 1950.

A lease agreement with the racetrack owners will allow Scarborough Downs to preserve 60 jobs, according to Cross Roads Holdings.

Risbara said there are no plans for the racetrack, but it will be leased to the Terry family, the current owners, “for the foreseeable future.”

Zoning for the Scarborough Downs property allows for a wide range of uses, including a town center, mixed housing, active recreation and entertainment, and retail, commercial and industrial opportunities.

Cross Roads Holdings is working with former Scarborough town planner Dan Bacon of engineering firm Gorrill Palmer to plan the project.

The group also has retained Jim Damicis from Camoin Associates to conduct market research that will determine the costs and benefits to the town and assess the economic impact the project will have on the local and regional economies, the new owners said.

The next public meeting about the project with the Scarborough Planning Board is scheduled for Monday night.

Gillian Graham can be contacted at 791-6315 or at:

[email protected]

Twitter: grahamgillian