The Hilltop Steak House has been sold for $17.2 million to a company with plans for a new mixed residential and commercial development on the landmark property.
According to the Lynn Item, AvalonBay Communities recently closed on the deal. It is planning a $100 million development that will include 280 apartments and retail space.
The project is expected to take at least two years to complete.
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The Hilltop Steak House was founded in 1961 by Frank Giuffrida with its original location in Saugus. The Route 1 establishment was best known for its neon cactus sign.
The restaurant closed its doors in 2013.