Davis Cos. Unveils 7.2M SF Development Plan In Everett
The Davis Cos. has unveiled its massive plans for the roughly 100-acre fuel tank site in Everett it bought last year.
The developer has proposed a 7.2M SF mixed-use development named the Everett Docklands Innovation District that would include over 3,200 housing units and commercial and industrial space, according to a Massachusetts Environmental Policy Act department filing.
The development would kick off with a new project with Trimount Energy, an energy storage facility that would take up 21 acres on the site.
The master plan covers 86 acres. In addition to the residential portion, it calls for 3.3M SF of office and lab, 240K SF of retail, 400K SF of manufacturing and 400K SF of industrial space at the site at 52 Beecham St. in Everett, Banker & Tradesman first reported. The project is estimated to cost $500M.
The Davis Cos. bought the overall 100-acre site for $73M in December, one of the largest plots of developable land near Boston. Davis had initially been in talks to purchase the property from ExxonMobil in 2022 but later backed out after a lawsuit revealed that the gas company's practices led to pollution risk on the site.
Davis Cos. Chief Portfolio Managing Officer Cappy Daume told Bisnow in January the Everett project represents a "generational once-in-a-lifetime opportunity." She said the developer is targeting emerging tech sectors to provide anchor tenants for the project.
"We're going to play to technology," she said. "Whether that is advanced robotics, 3D printing, cleantech, tough tech, advanced manufacturing. That's the industry where we see growth in Massachusetts."
Everett's waterfront has seen an influx in interest from casino owner Wynn Resorts and sports mogul The Kraft Group to bring new economic development into the community.
Last month, The Kraft Group's push to bring a new MLS stadium to Everett's waterfront ended after the state's economic bill fizzled at the end of the legislative session. An amendment was added to a major economic development bill to unlock land on the waterfront to be intended only for a soccer stadium, but the bill failed to pass.
In October, Wynn secured approval for a $400M expansion of its Wynn Encore Boston location with a 142K SF project dubbed East of Broadway. The expansion will include sports betting and poker rooms, a nightclub and a 979-seat theater. The development was halted in May amid financial disputes between Wynn and Everett mayor Carlo DeMaria, the Boston Globe reported.
