Image courtesy of JLL

The Davis Cos. paid $72.5 million to acquire the 100-acre ExxonMobil property in Everett, prompting Conservation Law Foundation to announce a settlement of a seven-year-old lawsuit seeking a cleanup of the fuel storage facility.

The Boston developer estimates it will cost $100 million to remediate the site, and will seek state grants to offset the costs of removing soil and groundwater contamination stemming from the property’s 102-year history as a refinery and fuel storage facility.

“The size and configuration of the tank farm parcels can accommodate a wide mix of uses, including critically needed housing, clean energy uses, advanced research facilities, and high-tech manufacturing,” Davis Cos. Chief Development Officer Michael Cantalupa said in a statement.

Davis Cos. presented preliminary plans for a 4.2 million-square-foot mixed-use development to the Everett City Council in 2022.

Under restrictive covenant signed Nov. 29, ExxonMobil agreed to prohibit future use of the property for fuel storage. Davis Cos. acquired the property on the same day.

 “Closure of the facility will protect the community and eliminate a major pollution threat to Boston Harbor and its tributaries. Forever prohibiting a similar facility on the site further reduces fossil fuel’s chokehold on Everett and the broader region’s energy system, landscape, and economy,” CLF President Brad Campbell said in a statement.

The Davis Cos. is seeking approval from the Massachusetts attorney general’s office of a brownfields agreement releasing it from liability in exchange for the cleanup.

The company will partner with environmental cleanup specialists Global on the site remediation.