Image courtesy of The Architectural Team

A trustee asked a federal bankruptcy court to appoint brokerage Cushman & Wakefield to market an approved Readville multifamily development site that’s been stalled since 2020.

A series of appraisals set “a wide swath of price fluctuation” for the approved development site known as The Residences at Readville Station, according to a motion in U.S. Bankruptcy Court.

Boston-based developer Ad Meloria originally received Boston Planning & Development Agency approval for the 279-unit project at 1717-1725 Hyde Park Ave. in 2020. At the time, developers estimated development costs at $70 million for the 6-story, 316,315-square-foot complex, which was unable to obtain construction financing.

Cushman & Wakefield represents Northern Bank, which has filed two proofs of claim totaling over $14 million related to mortgages on the property. The sale would enable Northern Bank to carve out payments for creditors, according to a motion submitted by trustee John Desmond in U.S. Bankruptcy Court in Boston.

Woburn-based Northern Bank and the trustee have agreed on specific carve-out payments, and to hire a broker to seek offers on the property within 35 days followed by a 60-day period to solicit counteroffers.

The brokerage commission would range up to 3.5 percent on sales prices of $10 million or higher, according to the motion. If Northern Bank buys the property, Cushman & Wakefield would not receive a commission. 

In 2022, the BPDA approved a change from a mix of condos and apartments to all rentals, after Ad Meloria said it was unable to obtain financing for the project.

A public auction was originally scheduled in August 2023 and has been postponed several times over the past eight months.

Ownership 1717 Hyde Park Ave. LLC filed for Chapter 7 bankruptcy in December, listing assets of $24.6 million with the property as the sole asset, and liabilities of $16.9 million.