Image courtesy of JLL
JLL is marketing the 95-acre Exxon tank farm property in Everett as a potential mixed-use redevelopment replacing a huge expanse of the city’s industrial waterfront.
Everett Mayor Carlo DiMaria said the sale could give birth to a new neighborhood including road and public transit upgrades tied to the MBTA Silver Line Extension. In a Facebook post, DiMaria also touted potential life science and biomanufacturing uses for the future of the Mystic River site, the largest development parcel to hit the market near downtown Boston since the 161-acre Suffolk Downs racetrack property.
“The opportunity to rethink and reclaim over 90 acres of land in our community is a once in a lifetime opportunity for smart, strategic growth. As mayor I have long thought that areas such as this have far more potential than dirty industrial uses,” DeMaria wrote.
The site comprises three parcels on Beacham and Robin streets and South Farm Road. The largest parcel, located off Beacham Street, spans 64 acres. Another 11-acre parcel sits directly on the Mystic River waterfront.
In a marketing brochure, JLL mentioned potential life science, industrial and multifamily development for the future of the property.
The entire site is located in a federal Opportunity Zone providing tax breaks for a future developer. Its redevelopment would accelerate the changes to the south Everett area which has seen the arrival of the casino and thousands of new multifamily units, mostly in the city’s commercial triangle district off Revere Beach Parkway. The area historically has been occupied by produce wholesalers and automotive-related uses, but the emergence of the multifamily construction boom has attracted national developers including Greystar and Lennar Partners for major projects in recent years.
“With exceptional scale, transit access, water views, and identity, this offering holds several unique competitive advantages that will drive successful development,” JLL stated in marketing materials.
The city of Everett is targeting the Lower Broadway area near the Encore Boston Harbor casino, including the Exelon power plant property, for future commercial development. Exelon is scheduled to deactivate the final operating units at the power plant in 2024.
In July, city councilors added the 40-acre Exelon property to an existing Lower Broadway urban redevelopment zone that’s being positioned for future uses including hotels, live music halls, sports venues and a marina. The district includes over 13 acres owned by Wynn Resorts across Broadway from its casino.
City of Everett spokeswoman Deanna Deveney did not respond to follow-up questions about the city’s plans.
