May 8, 2024
A rendering shows the 24 Ericsson St. project, also known as Neponset Wharf. RODE Architects image. First proposed in 2017, the re-development won key city approval in 2022, but has not advanced since. The land owner filed for bankrputcy on Tuesday.
A stalled re-development project along Dorchester’s Port Norfolk peninsula that would bring new housing and a modern marina to the neighborhood took a new turn this week when one of the development partners filed for bankruptcy to stave off a public auction of the land that was set for Tuesday.
CPC Ericsson Street LLC, whose principal is Ryan Sillery of City Point Capital, filed for Chapter 11 bankruptcy just hours before the Paul Saperstein Company was to begin auctioning off the property to bidders on the waterfront site.
Gary Cruickshank, an attorney for CPC Ericsson, confirmed the filing on Tuesday afternoon to the Reporter.
“The case was filed at noontime today to stop a 2 p.m. auction,” he said. “We’re going to reorganize and work with all parties in a way that will make everyone happy.”
According to the filing in the United States Bankruptcy Court for the District of Massachusetts, CPC Ericsson identified one creditor in their filing: Crowd Lending Fund One LLC, of A Street in South Boston. Liabilities were listed as between $1 million and $10 million. Filings in the case are due May 21.
Saperstein said the auction was postponed due to the bankruptcy filing but could be scheduled again for a later date. The auction was originally planned on April 10, but it was postponed. Another auction last summer was also postponed.
Rise Together, a co-developer on the project, filed suit in Suffolk Superior Court against CPC Ericsson in February for failure to pay a Connecticut-based consultant, who had previously≠≠ filed suit against Rise Together last year.
The two companies have plans to build four buildings to include 120 residential units, office space, and a marina on the roughly 3.6 acres on four lots next to the popular Venezia restaurant.
The project — known as Neponset Wharf— was approved by the Boston Planning and Development Agency in Jan. 2022 after an extensive review process and several revisions to the original plan, which was first introduced in 2017. The project would also bring enhanced public access and green space to the waterfront area.
