Developers at the ongoing The Downs project in Scarborough announced this week that they are putting the finishing touches on the first of two luxury condominium projects.

The 48-unit building is on Scarborough Downs Road, on the 600-acre parcel that was once home to the Scarborough Downs racetrack.

M&R Holdings, run in part by partner and Scarborough native Rocco “Rocky” Risbara, purchased the property in 2018. The company is in the middle of a multi-stage development project that includes everything from industrial and commercial space to a walkable downtown area.

The project also includes several housing developments of varying price points, many of which have been low-income affordable housing or earmarked for workforce housing. 

Dan Bacon, the project’s development director, said the current project is more high-end market-rate housing, ranging from nearly $400,000 to buy a one-bedroom unit to as high as nearly $800,000 for a three-bedroom unit. 

“We just want to diversify and hit all the markets and hit all the demographics,” he said. “So, we have done a lot of housing, kind of more rental that’s geared towards mid-range price points, but we’ve also done some town houses that are similar price points to this, so we’ve done some. We just want to continue to meet the needs of the entire housing sector.”

Developers are adding amenities to the buildings including a rooftop deck, interior lounge space, a gaming/rec room, fitness component, co-working space and outdoor fire pit and grills.

Bacon said the work will be done by November, and the company could be ready to accept reservations as early as next week. 

“I think they’re going to go quick because of demand,” he said.