Image courtesy of The Davis Cos.
The new owner of the former ExxonMobil property in Everett presented a master plan for redevelopment of the 100-acre property over the next two decades.
Since acquiring the property last December for $72.5 million, The Davis Cos. of Boston has dismantled 13 of the fuel storage tanks and begun removal of distribution pipes and contaminated soil.
The firm signed an agreement with Attorney General Andrea Campbell in March related to the estimated $100 million environmental cleanup of soil and groundwater contamination related to its longtime use for fuel storage and distribution.
The Davis Cos. originally presented preliminary plans for a 4.2 million-square-foot development in 2022, and already has landed a major tenant in Jupiter Energy for a 20-acre backup energy storage facility.
Before the firm can submit a specific development proposal, it’s seeking a pair of zoning amendments: one for the site and the other creating a new city-wide master plan special permit process, according to Matt Lattanzi, Everett’s assistant city solicitor and director of planning and development.
The Everett Planning Board began its review of the development firm’s proposal this month and is scheduled to resume discussions on Sept. 3. A presentation by The Davis Cos. includes a conceptual master plan proposal for Jupiter Energy to occupy portions of the site on both sides of Beacham Street.
The “Everett Docklands Innovation District” proposal calls for dividing the property into a mixed-use subdistrict and a combined mixed-use and industrial district. Potential commercial uses include advanced manufacturing, life sciences and R&D.
Environmental remediation is expected to continue for up to four years, while The Davis Cos. set a target date of summer 2025 for construction of the first phase. The estimated buildout of the entire property is 20 years.
Members of the project team include architects Perkins & Will and SHoP, urban planners Speck Dempsey, environmental consultants Arup and engineers VHB and Howard Stein Hudson.
The Davis Cos. recently raised nearly $1 billion for its newest and largest real estate fund, Davis Investment Ventures Fund V.
