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Former Rte 1 Icon Hilltop Steakhouse Site Sold to AvalonBay for Mixed-Use Development

June 08, 2017 - By The Real Reporter

SAUGUS–Known for its 68-foot high neon cactus and life-size plastic lawn cows, the once iconic Hilltop Steakhouse restaurant site will be developed into a mixed-use multifamily and retail site by its new owners AvalonBay Communities.

Brokered through the CBRE/NE Multifamily team of Simon Butler and Biria St. John, as well as Rob Robledo, High Country Investors agreed to sell the Route 1 site for $17,250,000. “We’re excited to help facilitate this landmark site that is about to enter its next chapter as a dynamic mixed-use development,” St. John announced in a release.

AvalonBay is proposed to develop 280-units of luxury rental apartments along with 25,000 SF of retail at its entrance. The retail space is proposed as a focal point and attraction at the front entrance to the development with four-story residential buildings towards the back of the site. In its release, CBRE/NE says the apartment homes will feature all the qualities being offered in luxury apartments today, including granite countertops and stainless steel appliances. Outdoor amenities will include a landscaped courtyard, pool, fireplaces, grills, a dog park and the clubhouse will feature a fitness facility that will rival area health clubs.

The original landmark Hilltop Steakhouse operated from 1961 to 2013 by its founder Frank Giuffrida. The Restaurant brand expanded as a chain in its hay day with several other locations in Hartford CT, Nashua NH, Braintree, and Springfield MA.

Biria St. John Simon Butler