BY BRIDGET TURCOTTE
SAUGUS — High Country Investors confirmed that AvalonBay Communities will replace the Hilltop Steakhouse site with apartments and retail space.
Dennis January, High Country’s chief financial officer, revealed the buyer at the Board of Selectmen meeting on Wednesday.
Last week, The Item reported that the Virginia-based real estate investment trust has the 14.2-acre site under agreement.
At a previous meeting, January said a national, publicly-traded company had a deal to buy the landmark property. But he declined to disclose the company’s name because of a confidentiality agreement.
Board members expressed frustration that they first learned about plans from a news story, rather than from AvalonBay.
Chairwoman Debra Panetta said the board wanted to be excited about the project because they want the property developed. But they had asked for the information to be brought to them sooner so that weren’t taken off guard.
“It’s not the best way to start off,” said Selectman Scott Brazis.
January assured the board that it would be “pleased from this point forward.”
While still under a confidentiality agreement that prevents him from disclosing details, January said a letter from Michael Roberts, AvalonBay’s senior vice-president of development, confirmed the company is planning a development that includes apartments at the rear of the site and retail space in front.
AvalonBay intends to use the liquor license issued to High Country, which has gone unused since the 52-year-old landmark family restaurant closed in 2013. High Country purchased the property in 2004 for $10.1 million.
AvalonBay develops luxury housing and owns more than 43,000 units in 10 states. Its project at Assembly Row in Somerville features apartments with first-floor retail space such as Legal on the Mystic, Outback Steakhouse, J.Crew Factory, Brooks Brothers and several others.
Bridget Turcotte can be reached at [email protected]. Follow her on Twitter @BridgetTurcotte
