stellarfun
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I don't believe this development had its own thread previously. If it did, mods please merge.
^^^ image courtesy of the Globe.
![AYCBLC47AZHUTGI7OB4ZAIKP24.png](https://bostonglobe-prod.cdn.arcpublishing.com/resizer/4zSGBZKeKWzqHIvC6yPszbiCDVk=/1440x0/cloudfront-us-east-1.images.arcpublishing.com/bostonglobe/AYCBLC47AZHUTGI7OB4ZAIKP24.png)
^^^ image courtesy of the Globe.
plans for a multimillion-square-foot, mixed-use project at the site, which would be developed in phases starting with hundreds of apartments near Route 16.
Last year, Davis backed out of its purchase-and-sale agreement with Exxon during a time of rapidly rising interest rates and construction costs. The developer’s exit prompted Exxon to put the land on the market for a second time. Davis eventually ended up winning the second contest, although with a lower price. (The original winning bid never became public.) Davis had an advantage this time around because of all the time the firm had spent analyzing the site and its potential.
The site’s environmental cleanup will cost more than $100 million and could take up to four years. Davis said it has partnered with Waltham-based fuel company Global Partners for the cleanup and development of the site.
Davis has applied to a brownfields program overseen by the state attorney general’s office that would indemnify the developer from any future lawsuits over contamination by neighbors of the site. The developers plan to cap the site with up to 10 feet of soil, buffering it from storm surges and rising sea waters.
Coinciding with the Davis deal: The Conservation Law Foundation reached an out-of-court settlement with Exxon over pollution and climate resiliency issues at the site. The settlement, which CLF declined to share, includes a restriction to prohibit the property from being used for bulk fossil fuel storage in the future.