Dorchester Development Site Heads To Auction Following Legal Battle
A Dorchester property that was approved for development is heading to auction after a legal dispute between partners on the project.
The 2.7-acre site at 24 Ericsson St. in Dorchester's Port Norfolk peninsula has been scheduled for an auction on Paul E. Saperstein Co.'s website on April 10, Banker & Tradesman first reported.
Quincy-based Crowd Lending Inc. holds a $9M mortgage on the property, according to public records.
In January 2022, Rise Together and City Point Capital won approval after a five-year review process for a 168K SF redevelopment project on the site, planned to include 120 housing units, offices and retail space. The project also called for a boathouse and 75 boat slips.
However, Rise sued City Point Capital in February over a refusal to pay consultant firm Steven Winter Associates for its energy-efficiency design work, according to the Dorchester Reporter.
City Point Capital was also set to close on construction financing through Metro Credit Union, which would have made it impossible for Rise to collect the payment owed, according to the Dorchester Reporter. Rise requested a $150K attachment on the property, which was approved on Feb. 14, to be able to pay SWA back.
A Rise spokesperson, in an email to Bisnow Tuesday, said the firm is the development manager and not the landowner and that inquiries about the auction should be directed to the CPC affiliate. CPC didn't respond to requests for comment.
