A deal was made official Thursday night that will see the Red Sox pay $7.3 million over the course of 10 years for Yawkey Way and Lansdowne Street property rights.
The deal between the Sox and the Boston Redevelopment Authority that has the Red Sox paying $734,000 annually for the next 10 years was agreed to last week. Thursday night the BRA board authorized it by vote, according to the Boston Globe.
The Red Sox will now be allowed to close a “17,000-square foot strip” of Yawkey Way for concessions for Sox home games — 81 per season — and other events at Fenway Park. The Sox now have “air rights” for the Green Monster seats that extend over Lansdowne Street.
It is not believed that the air rights will be used for more seating.
Prior to the 2003 season, Red Sox ownership signed a fixed-term lease for land and air rights on Yawkey Way and Lansdowne Street. That deal expires this year.
Under the new deal, the Sox are the owners of air rights over Lansdowne street and have a “limited easement” on Yawkey Way, the Boston Globe reports.
The Sox only had to pay $150,000 annually for Yawkey Way property rights and $15,000 for Lansdowne Street air rights under the previous lease.
The price of the new deal factors in rental rates for retail space around Fenway and the high cost of Monster seats. The Sox will pay one-third of the estimated square-foot rate because the organization does not use the park year-round.
Peter Mead, the BRA director, told the Boston Globe that this deal is safer because, should the Sox organization happen to underperform financially, the city would not suffer.
The deal was not met without controversy.
The Boston Herald reports that the BRA ignored the State Inspector General’s request to delay last night’s vote. The Inspector General’s Office is reviewing the deal, which is being called a “product of private negotiations between the Red Sox and the BRA” with no public discussion.
The deal was approved by a 4-1 vote. The lone dissenter was appointed by Governor Deval Patrick; the approving board members were appointed by Mayor Tom Menino.
