Photo courtesy of the Massachusetts attorney general's office
Attorney General Andrea Campbell announced Thursday her office has entered into an agreement with The Davis Cos. that will enable the company’s planned redevelopment of the 100-acre former Exxon Mobile tank farm in Everett.
The deal provides the Davis affiliate that owns the land legal liability protection in exchange for a commitment to clean up, remediate and redevelop the property. The deal, called a Brownfields Covenant Not to Sue Agreement, is the largest ever entered into by the AG’s office, Campbell’s announcement said.
“The extensive, multi-year remediation we are undertaking at this site will unlock a generational opportunity to transform this neighborhood for the benefit of Everett and the region,” Michael Cantalupa, chief development officer at The Davis Cos., said in a statement provided by Campbell’s office. “We are thrilled to have the Commonwealth’s support in this endeavor, and we look forward to continued partnership with leaders at the federal, state, and community levels in the months and years ahead.”
The Davis Cos. bought the 102-year-old fuel storage facility from Exxon Mobile in December for $72.5 million and estimates it will have to spend $100 million on remediation, some of which will likely have to come from state grants. The company presented preliminary plans for a 4.2 million-square-foot mixed-use development to the Everett City Council in 2022. According to the Boston Globe, The Davis Cos. landed its first tenant for the property in the form of a 20-acre, $500 million, 700-megawat battery-based backup energy storage facility from Texas company Jupiter Energy. The project would be among the largest such facilities in New England.
“Brownfields covenants are powerful tools that provide developers and municipalities with liability protection allowing them to clean up contaminated property and subsequently develop them for community benefit,” Campbell said in a statement. “In Everett, this remediation and redevelopment project will create significant economic development, housing and a healthier community.”
