Site icon Everett Leader Herald

Davis Companies pulling out of Exxon Mobil land deal?

(Photo by Joe Resnek)

By Josh Resnek

Unconfirmed reports indicate that the Davis Companies has apparently pulled out of the development it was leading to create a new neighborhood out of the 95 acres either owned or about to be conveyed to Davis Companies by Exxon Mobil in Everett.

An Exxon Mobil official allegedly told co-workers at the Everett site “the deal was off” because of excessive clean-up cost and pollution mitigation remedies that made the development “unworkable”.

The Leader Herald reached out to Davis Companies Chief Development officer Michael Cantalupa for a comment.

Cantalupa did not respond.

The Leader Herald also reached out to Mayor Carlo DeMaria for a comment.

The mayor does not speak with the Leader Herald and did not reply.

The Davis Companies project, heralded with huge Boston Globe coverage of its grandiose plans for new housing, open space, new industries, and commercial development is believed to be worth billions of dollars.

The purchase of the land by itself would represent an estimated investment of at least $350 million to $450 million by the Davis Companies.

The contaminated industrial land is now being used for fuel storage and is dotted with huge oil storage tanks, railroad tracks and buildings formerly used for asphalt batching.

Davis Companies had been promoting the development of this area as one of the largest, last and best sites for a multi-level development.

Building out the entire property, which lies east of the Revere Beach Parkway and Route 16, would have taken about a decade, according to early studies.

Thousands of new apartment units were expected to be built. New light industries would relocate there and new green open spaces would be created as well as a system of roads.

Exit mobile version