FFenway - Reconstruction Costs

Future Fenway Design Symposium

The Cost of Reconstructing Fenway Park

Calculating Costs Table	Future Fenway Reconstruction Proposal	Red Sox New Stadium Proposal
Ballpark and Team Annex Construction	$238M	$352M
Site Preparation	$10M	$140M
Phasing Premium	$25M
Legislative Credit	-$7M
Total Ballpark Related Costs	$266M	$492M

Future Fenway Design Symposium

Notes:

Ballpark and Team Annex Construction:

Based on the per square foot cost of the Red Sox' proposed new stadium. Includes construction era financing charges and project administrative costs at rates used by the Red Sox in calculating the estimated cost of their proposed new stadium.

The comparable cost in the Red Sox proposal is $352 milion.

Site Preparation:

The cost of deconstructing the existing grandstand.

The comparable cost in the Red Sox proposal is $140 million (minimum) to purchase and clear 15 acres of land: the Red Sox propose that this cost be borne by the City of Boston. If this cost were borne by the City of Boston, the cost (to the Red Sox) of a reconstructed grandstand would be reduced by $10 million.

Phasing Premium:

This assumes uninterrupted continuation of play at Fenway Park during construction. The value was set by PricewaterhouseCoopers in a report requested by and presented to Boston Mayor Menino in September 1999. If, instead, a temporary alternative site were used to host Red Sox games during reconstruction this phasing premium would be eliminated and the costs relative to preparation of the alternative site would be substituted.

Legislative Credit:

Pursuant to legislation passed in July, 2000 (Chapter 208 of the Acts of 2000) renovation of cultural and sports facilities are now eligible for state funds of up to $7M.

Comparative Cost Total:

Under the terms defined above, the cost of the Fenway Park Grandstand Construction Proposal is $266 million. The comparable cost of the Red Sox proposal is $492 million.

Costs Not Included In the Above Comparison:

The Red Sox stadium proposal also includes: $100 million in infrastructure costs (which the Red Sox propose be borne by the Commonwealth) and $72 million for a 3,000 car parking garage (the costs of which are to be borne by the City of Boston) bringing the total cost of the Red Sox proposal to $664 million, including some $312 million in public money.

The total cost of the grandstand reconstruction proposal, including infrastructure, would be about $350 million, requiring less than $100 million in public funds.

The Future Fenway Urban Design team's plan includes infrastructure improvements designed to benefit the neighborhood year-round, not only on game days. The cost of adopting their package of qualitatively superior measures would be less than $100 million. The Future Fenway proposal specifically ruled out a mega-parking garage as incompatible with healthy neighborhood development and as unnecessary. The Red Sox' proposal requires a parking garage because in the process of clearing fifteen acres of land for the ballpark, some 2300 parking spaces would be eliminated. The Future Fenway proposal requires no land taking, leaves the existing parking in place, and improves transit, vehicle and pedestrian access through infrastructure upgrades, obviating the need for construction of any new parking structures.

Prepared by Dan Wilson [no relation to the Mariners' catcher] for Save Fenway Park!