Image courtesy of JLL

Boston-based Davis Cos. is the reported winning bidder for ExxonMobil’s 95-acre tank farm in Everett, advancing plans for a large redevelopment of the city’s industrial waterfront.

Exxon hired JLL last fall to market the parcels as a potential landing spot for multifamily, life science and industrial uses.

Davis Cos. was not immediately available for comment. The firm has begun discussions with city officials about a future development of the site to conform with the city’s plans for the future of the Lower Broadway Economic Development District., Assistant City Solicitor Matthew Lattanzi said in an email.

An executive confirmed the agreement to purchase the site, The Boston Globe reported. The site includes parcels on Beacham and Robin streets and South Farm Road, a short distance from the Encore Casino.

The ExxonMobil property is located in a federal Opportunity Zone, which would give the new owner’s tax breaks on future improvements. The industrial areas on the southern side of Revere Beach Parkway have been transformed in recent years with the arrival of large-scale multifamily complexes following the rezoning of the neighborhood.

Everett officials also have envisioned the waterfront area as a new “Destination District,” anchored by the future redevelopment of the 40-acre Exelon power plant. The plant’s final two operating units are scheduled to be shut down in 2024.

A planning study submitted in 2021 recommended the area be zoned for hotels, concert halls, marinas, retail space and sports facilities. The report also recommended construction of a new MBTA commuter rail station to serve the area.

Everett Tank Farm Reportedly Headed to Davis Cos.

by Steve Adams time to read: 1 min