Mystic River Generating Station Sale Expected At Year’s End

Encore Boston Harbor seen through the chimneys of the Exelon Mystic River plant. (Photo By Jim Mahoney)

Leader Herald Staff

The 50 or so waterfront acres of land owned by the power generating company Constellation has not yet been sold.

The sprawling industrial site across from the Encore Casino and Hotel, has most often recently been discussed as a likely place for the Kraft Family to locate a new soccer stadium for the New England Revolution, which the Kraft Family owns.

Constellation spokesperson Mark Rodgers declined to speak about the potential for a sale except to say the company is in the midst of a planned sales process, and that a great deal of interest in the parcel is being shown by qualified, reputable buyers.

“It is a very active process with numerous interested parties,”Rodgers told the Leader Herald.

“The land is not yet sold,” he added.

Constellation expects to have the parcel sold by the end of December.

“We are hoping to transact a sale at that time or shortly thereafter,” Rodgers said.

‘We are hopeful a successful sale will be concluded at that time.”

The sale of the parcel is being handled by the noted Boston brokerage, CBRE.

Guestimates of a price for the land which now houses giant generators in huge brick enclosures with soaring brick chimneys that dominate the view of the Everett shoreline range all over the place.

An acre of polluted industrial land in Everett right now – if it can be found – retails for anywhere from $3 million to $7 million dollars or more.

Constellation’s 50 acres could go for $250 million to $350 million depending on how much clearing the property will cost.

Mitigating the polluted land adds another economic twist to the final price as the new owner, whomever it will be, will need to pay out of pocket to make the land environmentally sound before commencing with developing the property.

It is believed the Kraft Family is among those preparing to make an offer.

Also, Encore might very well be a bidder – and the company sufficient cash on hand to make such a purchase, and enough cash flow to sustain the property as it is developed.

Rodgers would not reveal any of those interested in buying the property.

“We are very hopeful it will be sold by the end of December,” he said.

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