Fenway Park, home to the Boston Red Sox, will eventually be surrounded by a mix of new residential and commercial development, according to a report in Boston Bisnow. Fenway Sports Group intends to develop 5 acres of property in several locations near the iconic ballpark.
Thus far, the mixed-use development plans include new office and lab space, plus retail and residential units and a possible hotel. Fenway Sports Group has already invested $350 million on upgrades to Fenway Park, and has been quietly acquiring adjacent properties for nearly 20 years.
Around the country, owners of professional sports teams have been integrating nearby real estate development as part of their overall business plan. The Los Angeles Angels, the Atlanta Braves and the Chicago Cubs are investing millions in neighborhood development – and have managed to secure handsome tax breaks along the way.
The disrupted 2020 baseball season has negatively impacted revenue for professional sports teams, and the foray into real estate development may offer a way to offset future downturns. By making stadium neighborhoods a multi-purpose destination, sports arenas hope to attract more fans to the gate in the post-pandemic future.
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