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The sale of a nearly half-acre Dorchester property will clear the way for a proposed 27-unit multifamily development.

Boston-based Volnay Capital paid $2 million for the 425 Quincy St. property with the intent of proposing a three-story development, according to JLL Capital Markets, which represented the seller. A portion of the sale proceeds are contingent upon approval of the project. The existing three-family structure will be renovated and released during permitting.

The existing building will be renovated and re-leased, and the buyer will begin the permitting process for rental housing development. 

“The property is positioned between the neighborhood’s two major thoroughfares, Dorchester Avenue and Columbia Road, and should draft well off the nearby 500-unit Dot Block project,” JLL’s Lenny Pierce said in a statement.