Casino-Adjacent Land In Maine Poised For $50M In Development
After previous development plans failed, the owner of over 100 acres adjacent to the Oxford Casino in Oxford, Maine, is looking to sell.
KW Commercial of Portland has been hired by Thurlow Family LLC to market the property for what it predicts could see in excess of $50M of mixed-use development, the Portland Press Herald reports. KW Commercial broker Kevin Fletcher said he had already met with potential buyers who discussed a variety of uses for the property, including retail, a truck stop or a hotel.
The land is on the casino’s northern, eastern and southern sides and priced at $100K per acre. It was originally poised for development by Casalinova Development Group. The company’s president, Joe Casalinova, announced a partnership in 2014 with the Thurlow family to build seven business villages on the property to benefit from visitors to the nearby Oxford Casino. Casalinova initially proposed a family-friendly retail and recreation space as well as a hotel.
While he aided the Thurlow family in applying for and sponsoring $125M in credit enhancements to develop the land, the proposal died and ties were cut between the family and Casalinova.