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A major deal between Davis Cos. and ExxonMobil appears to have fallen through months after the two parties agreed to the sale of a 95-acre tank farm site in Everett.
The Davis Cos. last week terminated the sale and purchase agreement it signed for the site on May 31, Exxon's attorneys revealed in a letter to the judge overseeing a lawsuit brought over the property by the Conservation Law Foundation, the Boston Globe reported.
Davis didn't respond to a request for comment on the reasons for the termination.
The property is one of the largest potential redevelopment sites in the Greater Boston area, but it faces pollution issues that could require tens of millions of dollars to fix before construction could take place, according to the Globe.
Davis signed the agreement to acquire the multiparcel site at the end of May. In August, the firm released initial plans for the site. It proposed two options: a 2.4M SF project with multifamily, warehouse, retail and advanced industrial space, or a 4.7M SF mixed-use development including housing, lab space, retail and manufacturing.
Since then, the firm continued making presentations about the proposed project in recent weeks, the Globe reported. Davis planned to start with a 1M SF first phase that would include three buildings featuring 300 to 350 apartments, warehouse storage and advanced manufacturing.
In its lawsuit against ExxonMobil, filed in 2016, CFL argued that the company didn't prepare the Everett property for weather incidents brought on by climate change. The group was concerned about petroleum or other chemicals leaking into the soil and into Boston Harbor.
Other sites in the nearby area have been eyed for redevelopment. Next door at the 43-acre Constellation Energy power plant site, the Kraft family — owners of the New England Patriots and Revolution soccer team — has reportedly discussed using part of the site for a new soccer stadium. The potential redevelopment of that site has also received pushback from CFL, according to Banker & Tradesman.
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