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Monday, July 22, 2024
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Red Sox, Orioles Take Key Steps Toward Stadium-Related Projects

  • Red Sox parent gains approval of $1.6 billion development project around Fenway Park
  • Orioles draw closer to lease deal to revitalize Camden Yards complex
WS-FENWAY-TWINS REALTY VENTURE LLC

Two longtime AL East rivals are closing in on separate deals that look to replicate the Atlanta Braves’ success with a mixed-use development.

Boston officials approved Fenway Corners, a $1.6 billion project involving Red Sox parent company Fenway Sports Group along with partners WS Development and Twins Enterprises. The plan calls for eight buildings built around 111-year-old Fenway Park, ranging from two to 19 stories — and creating more than 2 million square feet of new space including offices, storefronts, residential units, street upgrades, and new pedestrian and public space.

The development proceeds as FSG, also the parent of Liverpool FC and Pittsburgh Penguins, remains on the hunt for more teams.

The Baltimore Orioles, meanwhile, are finally nearing a lease deal with the Maryland Stadium Authority that would “expand and revitalize the Camden Yards campus,” according to a joint statement from the team and public body. 

The deal — negotiated over more than three years and involving two different Maryland governors — would update the 31-year-old Oriole Park at Camden Yards and surrounding area.

Upon completing a new lease to replace the current one expiring this year, the Orioles would be able to access $600 million in public funds for the development, similar to provisions available to the neighboring Baltimore Ravens.

The Braves — who are set to split off from Liberty Media this week — have been a powerful influence across the entire sports industry with the resounding success of Truist Park and The Battery, and nearly every stadium or arena development now features variations on the same concept.

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