Red Sox: Will the iconic Citgo sign face a roster cut?

The Boston Red Sox had David Ortiz retire and now the iconic Citgo sign may follow.

When something swirls around the Red Sox it is front page news in Boston. The most notable issues are those that relate directly to the on-field congregation that is placed in the center of all attention – the on-field performers. Naturally, there are ancillary issues that surface such as the dismissal of broadcaster Don Orsillo that resulted in selective angst and petition drives.

The Red Sox are also rather noted property holders in the area surrounding Fenway Park as ownership has a real estate division. That division has been active for years as the business tentacles forever reach outward to grab up property around the quaint ballpark.

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Now another threat to baseball in Boston has surfaced – the potential for losing the famous Citgo sign that rests atop a building at 660 Beacon Street, as reported by the Boston Globe and other sources. The issue is the building was purchased by Related Beal a New York City development company last year and now the sign had a rent increase on the table.

Citgo – a Venezuelan oil company – has paid $250,000 a year for rental to the previous owner – Boston University. Citgo has also spent millions on sign maintenance, refurbishing, and utility costs, but the value of that strategic piece of advertising is well below what expected rates would be.

"“For a sign like that, $250,000 a year seems way low,” she said, adding that “$2 or $2.5 million would not surprise me at all.” – Donna Desmond, advertising appraiser."

The developers want more – a lot more – and it is probably justified based on the sign location. So negotiations are taking place with the idea to resolve the issue and protect an iconic landmark. Speaking of landmarks, the Landmark Commission is also pondering assigning a landmark tag to the beloved sign.

"“There’s a lot of enthusiasm and passion for that sign,” Bluestone said. “So many of the collective rituals of civic life in our community have, in various ways, been connected to landmarks like the Citgo sign.” – Daniel Bluestone, B.U."

Boston Mayor Marty Walsh has checked in on the ongoing kerfuffle over the future of the sign as his office is sending out the usual political platitudes designed to offend neither side. What is known is meetings are being held to reach an amicable conclusion before the lease expires the end of March.