Exelon trying to determine properties’ best use after 2024 shutdown

By JOSH RESNEK

News reports emanating from the mayor’s office that Exelon might be selling their property along the Everett waterfront across from the Encore site is a bit hopeful, according to Exelon’s public statements on the matter.

Exelon is staying put with its surviving power plants until 2024 at a minimum.

When the final two energy generators are closed down at that time, Exelon will be looking to the best possible use or reuse of their land – most of which would need to be remediated.

Wynn Resorts has previously expressed an interest in acquiring the property for the purpose of expanding the entertainment and hotel signature on this once useless and polluted Broadway industrial district.

Exelon is well known for vigorously exercising its rights when altering the use of its properties or selling them outright.

At present, the land is the second most valuable tax producer in the city, exceeded only by the Encore.

Encore brings in about $33 million a year presently in lieu of taxes.

Exelon had been at the $15 million mark for almost two decades.

The Exelon properties are now being reassessed and it is expected the city will be collecting a great deal more than $15 million a year when all is said and done.

Exelon officials are inclined to keep an open mind to selling the property or for the reuse of the property.

However, Exelon officials have indicated that the massive bit of electrical machinery that exists directly across from the Encore facility and can be seen from the roadway will not be touched under any circumstances.

That set-up is simply too massive and too complicated and too expensive to move or to remake.

There is also the matter of the LNG facility, another impediment to an entertainment district sprouting all around it.

The Everett City Council last week voted to send the plans for the Exxon and Exelon properties to the Planning and Zoning Boards for the necessary changes required to facilitate the non-industrial reuse of the properties.

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