By Josh Resnek
The last major sprawling piece of polluted industrial wasteland in Everett owned by Exxon has apparently been sold.
The price has not yet been made public but is expected to be in the $150-$350 million range if prices paid for an acre
of land in this city recently would indicate.
In some instances acres have gone for $3 million or more, with very few acres available to begin with.
‘Who would have thought,” said Councilor Mike Marchese.
He and his brother, Attorney Joseph Marchese, recently sold about an acre and half of industrial property across from the Encore Casino and Hotel for $10 million, according to public records recorded at the Middlesex County Register of Deeds.
It has been used as an industrial site since before the First World War.
It is riddled with oil tanks, railroad tracks, and it has been polluted over the years.
Mitigating the pollution on such a site would take an estimated $100 million, although it is unlikely the entire site would be cleaned at one time.
Development, it is believed, will be incremental as will pollution mitigation.
Whatever happens, it is likely to be a mixed use plan for development – that is – commercial and residential.
Nearby the site that the Marchese’s re- cently sold, the power plant owner Con- stellation has put its 45 acre Mystic Gener- ating Plant (or at least a good portion of it) property with huge chimneys and electric generating plants up for sale.
Davis has not yet announced plans for the Exxon site, however it is expected to make good use of the open space as it has done all over Greater Boston, in New England, New York City and throughout the nation with major league developments of housing and commercial space.
Transforming the Exxon industrial site is no easy task.
It is likely to take many months of environmental studies, meetings with the city of Everett as well as state and federal officials, surveying for the purpose of laying out roads and creating new traffic patterns and hopefully linking whatever goes up with adequate public transportation.
It will require a great deal of salesmanship to turn the property into the type of development that will attract first class tenants.
If anyone is capable of doing this, Davis Companies is that firm.
No timeline for development has been tossed out by the developer.
It is expected to take several years to prepare the property for development.
The national economy could be very important as to this project’s viability.
Rising interest rates and inflation might not affect the sale of the property but could have a negative impact on development if the worsening economy continues its trend toward recession.