A 17.7-acre waterfront site in Chelsea is set to be auctioned off next month after a bank foreclosed on the property, which was approved three years ago for a 590-unit residential project.
The previous owner, an affiliate of the Yihe Group of Hong Kong, won permitting from the city in 2019 to build a mixed-use development at 1 Forbes St., on Chelsea Creek. In addition to the residential units, the project was to include small retail and office components.
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But the project did not move forward, and Shanghai Commercial Bank Ltd., the holder of a mortgage for the property, foreclosed on the site, according to property records last month. The auction is set to take place Oct. 7.
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