This Week's Boston Deal Sheet
The Davis Cos. is back in the mix to acquire a 95-acre parcel on Everett's waterfront that could result in one of the area's biggest developments, filing a new proposal more than a year after it backed out of a deal for the site.
The developer filed the proposal with state environmental regulators as it works toward acquiring the former ExxonMobil fuel storage facility and transforming it into a 4.2M SF mixed-use community that will include housing, life sciences, retail, office and hotel space, Banker & Tradesman first reported.
Everett Planning Director Matt Lattanzi, in an emailed statement to Bisnow, confirmed that Davis is in contention to acquire the site but said a deal hasn't officially closed yet.
He said Everett officials have begun preparing for the development by retaining an attorney, Blatman, Bobrowski, Haverty & Silverstein's Jonathan Silverstein, and a land-use expert, Nels Nelson of Community Scale. He said the city is drafting an ordinance for the review of a master plan and the creation of a zoning district for the site.
"This site is one of the largest parcels of developable land in the Greater Boston region and, while it certainly provides its unique challenges, it contains a great deal of opportunity for the City and its residents," Lattanzi said. "For decades, a vast majority of the site was blocked off from use and enjoyment by our residents due to the nature of the site’s operations."
The conversations surrounding the sale of the site have been reignited after Davis terminated its purchase agreement in September 2022 due to the site's pollution issues that would result in millions of dollars of remediation.
In the company's newest effort, Davis would take full responsibility for cleaning up the site and has submitted an application under the Massachusetts Brownfields Covenant program, which releases property owners from legal claims during an environmental cleanup, Banker & Tradesman reported.
Davis didn't respond to a request for comment.
The site is one of the largest developable pieces of land in the Greater Boston area and is part of a massive push to redevelop Everett's waterfront. The city has also seen interest from the Kraft Group to build a soccer stadium on the nearby Constellation Energy site, and Wynn Resorts won approval last month to build an expansion to its Encore Boston Harbor Casino.
FINANCING
MassHousing closed on $7.5M in financing for the acquisition and renovation of a 25-unit apartment complex in Webster. Affordable Housing and Services Collaborative received the financing for Prospect Estates, and it plans to make more than $6.5M in improvements. These improvements include renovating kitchens and bathrooms, adding hot water heaters to each unit, installing mini splits for heating and cooling, electrical upgrades and a roof replacement.
The apartment complex consists of two mid-rise buildings at 10 and 41 Prospect St. The units are a mix of studios, one-, two- and three-bedroom units that range in affordability.
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The Healey-Driscoll Administration awarded $27M to seven organizations to conduct deep energy retrofits on affordable housing projects, according to a press release. The grants will help 10 affordable housing properties in Boston, Brookline, Easthampton, Greenfield, Northampton and Worcester.
The grants are the first round of funding under the state's $50M Affordable Housing Deep Energy Retrofit Grant Program which will help fund deep energy retrofits, energy efficiency upgrades, building system electrification, and onsite renewable energy generation.
CONSTRUCTION & DEVELOPMENT
Samuels & Associates proposed a $450M, 850-unit multifamily project along the waterfront in Lynn. The 1.1M SF project at 830 Lynnway is part of the city's ongoing waterfront redevelopment plan and is slated to include 26K SF of retail, 8 acres of public space and shoreline restoration. The developer plans to set aside 10% of the units in the project as affordable housing for families earning no more than 60% of the area median income.
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WinnDevelopment held a groundbreaking for its $55.3M adaptive reuse project of the Appleton Mills property in Holyoke. The property is being redeveloped into an 88-unit apartment complex for people aged 55 and older. The development also includes a new community building connected to the apartments via a skybridge.
Of the 88 units, 12 will be reserved for households making below 30% area median income, 63 units for those making below 60% AMI and 13 for those making below 80% AMI. Another eight of the units will be available for eligible Section 8 voucher holders, and five will be set aside for Massachusetts Department of Mental Health clients through the Facilities Consolidation Fund.
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A joint venture between Oxford Properties and Pappas Enterprises filed a project notification for its 1.7M SF redevelopment in South Boston, the Boston Globe reported. The filing details the project plans, which call for residential, lab, retail and commercial space across eight buildings. The buildings will range in height from 89 to 209 feet. The joint venture filed a letter of intent for the project in May.
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Alexandria Real Estate Equities received the green light from the Watertown Planning Board to move forward with its 1.2M SF redevelopment of the Watertown Mall property, Banker & Tradesman reported. The project is planned to include 103K SF of housing and 848K SF of life sciences space. The master plan includes the 24-acre mall site as well as neighboring properties located at 480 Arsenal Way, 446-458 Arsenal St. and 500 Arsenal St.
