The discrepancy matters because in 2003, state lawmakers, relying on the higher estimate for the two structures, ordered the transfer of the Hynes and the garage to the state pension fund, which needed an asset infusion, from the Massachusetts Convention Authority. Reportedly, the pension board was never happy about the arrangement, and has resisted actually taking title to the properties, since historically the Hynes facilities haven't returned enough revenue to offset the expenses associated with their operation. The lower assessment figure ought to give the board the leverage it needs to avoid owning the properties. Treasurer Cahill did not return calls from GlobeSt.com.

The reassessment brings to the forefront the question of what, ultimately, should happen to the Hynes. Though in a good location on Boylston Street in the heart of Boston, it is small, and soon will be competing with the new, 515,000-sf convention center on the South Boston waterfront. The consensus among the local real estate community is that Hynes will indeed close, but after that there's no consensus on what will happen to the site. Back Bay businesses and restaurant owners have proposed that it become a privately run convention facility with new retail development, while other area developers are thought to be eying the site for mixed-use development, with an emphasis on residential and retail.