For Immediate Release
November 18, 2005

Contact:
Ben Devine, Principal, KGI Properties
(617) 357-9300
Beryl Wolfe
(207) 883-6083

Developer/Owner: KGI Properties, a partnership between Great Island Development of Boston and the Koffler Group of Providence, Rhode Island

Timeline: Site work began Oct. 18; Construction to be completed by summer of 2007

Tenants: Wal-Mart Supercenter, Lowe’s, 4 restaurants and 100,000 square feet of retail shops, to be announced.

Location: The 80-acre site is bordered by Mussey Road, I-295, and Spring Street, behind office buildings across the street from the current Wal-Mart in Scarborough. For more information on the location, go to GoogleEarth.com and enter 48 Spring Street Scarborough, Maine to get a bird’s eye view of the site.

Cost: $60 million

Size: Property is 80 acres; about half will be developed, the rest will be put in a conservation trust. The Wal-Mart Supercenter (www.walmart.com) will be 212,000 square feet and the Lowe’s (www.lowes.com) will be 165,000.

Jobs: Scarborough Gallery is expected to create up to 700 new jobs at the stores, restaurants and during the construction process

Contractors: R.J. Grondin & Sons of Gorham, Sebago Technics of Westbrook, Verrill Dana of Portland and others.

Traffic: KGI Properties will spend $4 million in off-site traffic improvements, including a new public road that will traverse the property from Payne Road to Mussey Road.

Other: KGI has also purchased 58 acres a half mile away along the Nonesuch River and will deed it to the Scarborough Conservation Land Trust. The 58-acre tract will be preserved in its natural undeveloped state

More info on KGI: KGI Properties is one of the Northeast’s most active developers of real estate. An owner, developer and management company, KGI owns properties in all six New England states and New York. In addition to large-scale retail projects such as Hooksett Commons and Mountain Valley Mall in New Hampshire and the Woburn Mall, the company owns and manages office, industrial, telecommunications, and research and development parks and has developed more than $125 million of retail projects in New England in the last 36 months.

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