Recent City Assessments Increase Value of New Fenway

BOSTON-In yet another setback for the Red Sox’s plans to erect a new ballpark at Fenway Park, new city assessments of the properties on the proposed site showed an average 40% increase in values. Some of the parcels on the site more than doubled in value.

Assessed values went from $48 million to $67 million, still below the $90 million originally estimated for land costs. Assessed values are usually below market values, however, especially in a tight market. Current landowners on the proposed 44,000-seat ballpark site will most likely use the higher assessment in bargaining with the team over the worth of their properties.

In a deal made last summer, the city agreed to cover the $90 million needed to assemble the park. The team agreed to cover any costs above that. The team is already having difficulty financing its $350 million share of the $665 million project.