The German bank that now owns the former Polaroid Corp. headquarters property in Waltham has scrapped its development plan, according to reports.

Helaba, which took possession of the former Polaroid site at an October auction for $42.5 million, planned to turn the property into a 1.7 million-square-foot office and retail complex, reports show.

Helaba sent Polaroid’s 119 acres of land to the auction block after the site’s would-be developers, a joint venture between Polaroid and New York development firm Related Cos., defaulted on a $70 million land acquisition mortgage originated by the German bank.

Prior site commitments from Related and Polaroid include $45 million in infrastructure improvements, including a direct on-ramp to Route 128 and an 11-acre easement for a future highway access road.