AGREEMENT REACHED FOR NEW STUDENT HOUSING AT NORTHEASTERN

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. Under the terms of the agreement, the YMCA will sell two of the three wings of a building it owns at the intersection of Huntington Avenue and St. Botolph's Street 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. Northeastern will have the option to purchase the residence hall from Phoenix as well as the “right of first offer” to purchase the remaining sections of the building should they be sold in the future.