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A Dedham-based developer bought a bankrupt Hyde Park multifamily site from the prior owner's lender.
Joseph Federico Jr. acquired a property at 1717-1725 Hyde Park Ave. near the MBTA's Readville commuter rail station for $6.8M, Banker & Tradesman reported. The site was previously planned for a 279-unit development.
Named the Residences at Readville Station, the previous project stalled after it received Boston Planning & Development Agency approval in 2020. The former owner, Boston-based Ad Meliora, was originally approved to build 151 condominiums and 122 apartments for an estimated $70M.
The proposal also included 3,600 SF of ground-floor retail, a pool, a courtyard and underground parking.
However, the developer ran into issues in 2023 after revising the plan to be all apartments. Ad Meliora filed for Chapter 7 bankruptcy on the site in December 2023.
The lender on the deal, Northern Bank & Trust Co., took the property back for $6.5M and put it up for auction in January 2024 through auctioneer site Paul E. Saperstein Co.
Federico is working on another multifamily development in Hyde Park that is planned for 54 units at 1305 Hyde Park Ave. That project faced backlash from residents, with one filing a lawsuit in January in hopes of blocking the development.
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