At one point, it was rumored a New Hampshire restaurant would be taking over the iconic piece of property in Saugus, Mass. But, now comes word the land has been sold. 

It seems the buyer, AvalonBay Communities has purchased the land on Route 1 where the once famed Hilltop Steak House stood for a reported $17.2 million dollars.

According to Boston Restaurant Talk, the property will become a mixed-use development with three residential buildings and a fourth building that will be one story high and used for retail. The article says the projected finish date for the new development is two years.

The Hilltop Steak House served loyal patrons for over 5 decades before closing their doors in 2013. It was once rumored that Tuckaway Tavern and Butchery in Raymond was interested in the property.