A 17.7-acre waterfront site in Chelsea is set to be auctioned off next month after a bank foreclosed on the property, which was approved three years ago for a 590-unit residential project.
The previous owner, an affiliate of the Yihe Group of Hong Kong, won permitting from the city in 2019 to build a mixed-use development at 1 Forbes St., on Chelsea Creek. In addition to the residential units, the project was to include small retail and office components.
But the project did not move forward, and Shanghai Commercial Bank Ltd., the holder of a mortgage for the property, foreclosed on the site, according to property records last month. The auction is set to take place Oct. 7.
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