Boston — Northeastern University has reached an agreement with Phoenix Property Co. and the YMCA of Greater Boston for the development of a new on-campus residence hall. The project will be built on a property currently owned by the YMCA. The building, which is located at the intersection of Huntington Avenue and St. Botolph's Street, consists of three wings. Under the terms of the agreement, the YMCA will sell two of the wings, Hastings Wing and the St. Botolph's frontage, to Phoenix for $21.5 million. The developer will then invest $75 million for the construction of a 16-story, 720-bed dorm that will serve undergraduates of the school. The unit mix will consist of 590 dorm-style beds and 130 apartment-style beds. The anticipated opening would be in 2013.
Terms of the agreement also give Northeastern the option to purchase the residence hall from Phoenix in the future. The University will also have the option to purchase a section of the building it currently leases, consisting of four floors of classroom space and an 88-bed dorm. The YMCA will continue to occupy the third wing, which is located at 316 Huntington Avenue, but Northeastern will have "right of first offer" should the organization decide to sell it.
The move is part of a long-term strategy to house more students of Northeastern University on campus. Last fall, the grand opening was held for the 1,200 bed International Village residence hall. The school recently passed a measure requiring freshmen and sophomores to live on campus.