Harvard Bid for Yards Far Above `Fair' Value

Harvard bid more than $1 million above the highest estimated fair market value of the Bennett St. MTA Yards, University officials revealed yesterday.

L. Gard Wiggins, administrative vice-President, said that estimates by various Boston and Cambridge real estate firms ran between $2.5 million and $4 million, "depending on the use to which the land is put." The proximity of the Yards "justified Harvard's $5,010,000 bid," Wiggins said.

There are also indications that, if the University does obtain the property, John Briston Sullivan will be offered a chance to develop part of the site as a high rise office building.

Sullivan, a Cambridge real estate developer, ran into opposition from the University two years ago when he tried to construct such an office building on stilts in the middle of Harvard Square.

But Wiggins said yesterday that Sullivan "will receive more consideration than developers from other localities" to improve the corner of the Yards near the Treadway Motor Inn. If Harvard is able to buy the Yards, that corner will probably be given to Sullivan under a 40 year lease.

All University plans hinge on acquisition of the Yards, however, and Harvard's bid is $1 million below that of Francis J. Roche, a local attorney.

Roche Bid Probably "Fake"

However, extremely reliable sources outside the University said yesterday that Roche's bid is probably "a pure fake," and that the lawyer "does not have any developers behind him."

The source pointed to Roche's inability to present any plans for developing the Yards and said that the attorney "never expected to outbid the University in the first place."

Roche may still hope that a large out-of-town developer will take over his bid and pay the MTA $6 million for the

Yards, but five of the nation's biggest developers, including Boston's Perini Construction Co., decided not to compete for the property in mid-December, when it became known that Harvard would bid above $3.5 million.

The University has refused to offer any more than $5 million, even to outbid Roche. Wiggins said yesterday, "our bid stands as it is."

Several officials believe that the MTA will probably reject all the bids and then try to talk the University into raising its price. Edward J. McLaughlin, the MTA's general counsel, has repeatedly stressed that the MTA "reserves the right to reject all bids."

McLaughlin has reportedly said that he believes the Yards are worth considerably more than $5 million, but the City of Cambridge may put heavy pressure on the MTA to sell the property even at that price