Following in the wake of the decade-long "Fenway 2.0" project (as dubbed by Red Sox President and CEO Sam Kenedy) which helped preserve and enhance the historic Fenway ballpark, the Red Sox and Fenway Sports Group are exploring real estate development opportunities in the neighborhood.
The Fenway 3.0 initiative will build on the property that the team owns around Fenway Park - which may include air-rights development over the Massachusetts Turnpike.
"We've now, over the last year and a half or so, embarked on what we're calling Fenway 3.0, which is trying to figure out the best way to take advantage of the real estate opportunities in the neighborhood," Kennedy explained in an interview with the Boston Business Journal. "We think that the Red Sox and the Fenway Sports Group, with some of the parcels that we've invested in, now we should start to turn our attention outside of the ballpark to make sure that we also invest in the neighborhood, to make sure that there's responsible development."
The Red Sox and Fenway Sports Club have owned land parcels and property around the baseball park for years. While they currently own development rights on air-rights parcels 8, 9 and 10 over Mass Pike, MassDOT has not yet received any new development proposals. The team is likely in planning stages for development of the air rights projects - which can often be drawn-out and tedious.
"Boston is a place where young people want to live, they want to work, they want to come and be entertained" said Kennedy. "This is a place now where about 3.5 million people come each and every year... The Fenway neighborhood has been exploding over the last 10 or 15 years."
Fenway has seen a massive boom in commercial and residential developments in recent years, with The Pierce Boston and Fenway Center as standouts. While the team has made no formal arrangements with the Boston Planning and Development Agency, there have been high-level discussions with Boston developers to consider what could be built on the property surrounding the Park.
While there are no defined timelines as of yet for the Red Sox' and Fenway Sports Group development plans, keep an eye on BostonRealEstate's Crane Watch for further development updates.