The iconic Scarborough Downs racetrack was just sold, and according to the Portland Press Herald, its new owners have a plan to transform it into a new town center.

In a story published yesterday, the Press Herald reported that two sets of brothers from Scarborough have purchased the property for almost $7 million, and that they have extensive plans to develop the area.

The new owners submitted a letter to the town of Scarborough's Long Range Planning Committee, and envision a new town center, complete with restaurants, shops, housing, store fronts, and more. The new owners estimate that plan could take anywhere from 15 to 30 years to fully realize.

Another agreement with the operators of the racetrack will save about 60 jobs at the site.

What would you like to see be a part of the new development? Comment and let us know.

Read the full story in the Portland Press Herald here.