NO NEWS IS BETTER THAN BAD

By Josh Resnek

Many weeks have passed since the Davis

Companies allegedly pulled out of a multi-billion dollar development of the contaminated 95 acre Exxon Mobil site.

The Davis Companies had been prepared to mitigate the site, and then to build upon it a mountain of residential housing and commercial projects as well as new roads and wide open expanses plush with greenery and places to sit under the sun.

The idea was to take this 95 acre contaminated property and to turn night into day.

Davis Companies was ready to go. Their executives were all set to push the shovels into the land and to begin digging when the deal apparently fell apart.

Several people familiar with the project told the Leader Herald that Davis Companies had underestimated the cost of mitigating the environmental contamination of the property.

“They didn’t realize how deep the pollution had seeped below the giant oil storage tanks that dots the landscape of the property,” a source told the Leader Herald.

About the same time, the mayor announced at a public meeting with an off the cuff comment that the Davis Companies was stepping back in order to gain a better price from Exxon Mobil for the property.

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Which Is It?

The developer of the Exxon Mobil property fails to sign the purchase and sale agreement and pulls out from the project – as reported in the Leader Herald and the Boston Globe.

What does the mayor say to that?

“They haven’t pulled out. They’re negotiating for a better price.”

The developer of the Pope John affordable housing project pulls out of the development.

“Pope John should be used as a school…we are no longer working on this project,” the developer writes in a published article.

What does the mayor say to this?

“They have not pulled out. They’re still working on the project.”

Either the mayor is not telling the truth and making up tall tales, or the developers aren’t telling the truth and making up tall tales.

Continue reading “Which Is It?”

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.

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Davis Companies Means To Remake 95 Acres Of Prime Everett Property

Transiting From A Polluted Mess To Triumph

By Josh Resnek

The Davis Companies is well on its way to becoming the shepherd and overseer of the single largest construction and development effort in Everett’s history.

In its optimistic planned configuration if everything goes as planned, it will be a larger development than the $2.6 billion Encore Boston Harbor Hotel and Casino.

Rendering by Perkins & Will showing development on Exxon Mobil site.

When completed sometime during the present decade or close to the end of it, there will be millions upon millions of square feet of new space developed for house residences, tech companies, and manufacturers with an exotic mix of housing, retail and industrial uses.

What exactly the final configuration will be is unknown at this moment.

Massive amounts of capital must be raised, a huge mitigation of 100 years of pollution has to be accomplished, and a cavalcade of rules, regulations, agreements between the city, the state and the federal government are to be arrived at in order for this ambitious project to work.

Davis Companies has not yet purchased the site, which is expected to be conveyed to the development firm for somewhere between $350 million and $500 million by Exxon Mobil in the near future.

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