Image courtesy of The Architectural Team

A Dedham developer has taken ownership of a stalled development site that’s approved for 279 apartments next to the MBTA’s Readville commuter rail station.

Joseph Federico Jr. acquired the 1717-1725 Hyde Park Ave. site for $6.8 million.

The original developers, Boston-based Ad Meloria, received approval in 2020 to build 151 condominiums and 122 apartments in an estimated $70 million project known as The Residences at Readville Station. The plans were revised in 2023 to an all-rental complex, but the project filed for Chapter 7 bankruptcy in December 2023.

Woburn-based Northern Bank & Trust Co., which provided  mortgage financing for the property 2021, took ownership in September for $6.5 million, according to a Suffolk County foreclosure deed.

In an email, Federico said he has not determined whether to pursue the approved project or seek revisions.

Stalled multifamily development projects in Boston are eligible to seek both local and state funding to under funds established last year to help complete financing packages.

In February, Federico received approval from the Boston Zoning Board of Appeal for another housing project in Readville, a 54-unit apartment building at 1305 Hyde Park Ave.

That project received Boston Planning & Development Agency approval in December, but a pending lawsuit filed by a neighborhood resident in Suffolk Superior Court seeks to block it from moving forward.