An artist’s rendering of the $100 million redevelopment of the former Hilltop Steak House site.
By THOMAS GRILLO
SAUGUS — AvalonBay Communities has closed on a deal to buy the Hilltop Steak House for $17.2 million, according to the Southern Essex County Registry of Deeds.
The seller, High Country Investor Inc., paid $10.1 million in 2004 for the restaurant that sits on a 14-acre site. The 52-year-old landmark family restaurant closed in 2013 after servings millions of patrons on Route 1.
Avalon’s purchase clears the way for a $100 million mixed-use development that will feature three four-story residential buildings and a one-story commercial structure. The complex will house 280 studio, one-bedroom and two-bedroom apartments, and clubhouse with an outdoor swimming pool. In addition, a fourth building will include 24,000 square feet of retail space .
Once permitting is in place, construction is expected to be completed in two years.
Michael Roberts, Avalon’s senior vice president of development, did not return a call seeking comment.
Thomas Grillo can be reached at [email protected]