North­eastern Uni­ver­sity, the YMCA of Greater Boston and Phoenix Prop­erty Com­pany have reached an agree­ment that will result in the con­struc­tion of a 720-​​bed res­i­dence hall that will be avail­able to house North­eastern under­grad­u­ates. The new res­i­dence hall will be built on YMCA prop­erty, which faces St. Botolph Street and is directly adja­cent to Northeastern’s campus.

The YMCA prop­erty on Hunt­ington Avenue con­sists of three wings: the Hast­ings Wing, 316 Hunt­ington Avenue, and St. Botolph’s frontage, which is in the rear of the building and houses the YMCA’s gym. Under the agree­ment, Phoenix Prop­erty Com­pany will pur­chase two of the wings—the Hast­ings Wing and St. Botolph’s frontage—from the YMCA for $21.5 mil­lion. Phoenix will invest $75 mil­lion to build a res­i­dence hall with 720 beds on St. Botolph’s frontage.

I applaud North­eastern Uni­ver­sity for this cre­ative solu­tion that will ful­fill its com­mit­ment to the city and the neigh­bor­hood to increase the amount of university-​​approved housing for under­grad­uate stu­dents. These new dor­mi­to­ries will have the same high stan­dard of stu­dent account­ability that is main­tained in other North­eastern dorms,” said Boston Mayor Thomas Menino. “The project is a great example of how Boston insti­tu­tions can work together to solve prob­lems and create jobs in our city.”

Pending neigh­bor­hood sup­port and city approvals, the res­i­dence hall would open in Sep­tember 2013. The building will be 16 sto­ries in height, which is com­pa­rable to Northeastern’s Vil­lage H building, and pro­vide 590 dorm-​​style beds and 130 apartment-​​style beds avail­able for North­eastern undergraduates.

North­eastern also announced that begin­ning next fall it will imple­ment a plan requiring all freshmen and sopho­mores to live in university-​​approved housing.

All of this is pos­sible because of Mayor Menino’s tire­less work to cham­pion the inter­ests of the city and its uni­ver­si­ties,” said Joseph E. Aoun, pres­i­dent of North­eastern. “We believe that housing more of our stu­dents in university-​​approved set­tings is a true win-​​win. It’s good for our stu­dents and ful­fills a com­mit­ment the Uni­ver­sity made to our sur­rounding neigh­bor­hoods. We look for­ward to working with the mayor and our neigh­bors to make this project a reality.”

The addi­tion of 720 university-​​approved beds exceeds Northeastern’s 2006 com­mit­ment to house an addi­tional 1,800 under­grad­u­ates. The majority of this com­mit­ment was met with the opening in fall 2009 of Inter­na­tional Vil­lage, a 1,200-bed res­i­dence hall at the inter­sec­tion of Tremont Street and Melnea Cass Boulevard.

Today marks the con­tin­u­a­tion of a long, shared his­tory between two ven­er­able insti­tu­tions in Boston – the Y and North­eastern Uni­ver­sity,” said Kevin Wash­ington, pres­i­dent and CEO, YMCA of Greater Boston. “This is an oppor­tu­nity that will max­i­mize an under­uti­lized asset for the Y while helping to sup­port the City of Boston’s vision for more university-​​supervised stu­dent housing.”

Phoenix Prop­erty Com­pany has a proven track record building and run­ning res­i­dence halls for col­lege cam­puses. Cur­rently, it pro­vides housing for stu­dents at the Uni­ver­sity of Mary­land, Texas Chris­tian Uni­ver­sity, Florida State, UCLA and the Uni­ver­sity of Texas.

We are thrilled to be part of this agree­ment with two great Boston insti­tu­tions,” said Jason Run­nels, exec­u­tive vice pres­i­dent of Phoenix Prop­erty Com­pany. “Phoenix Prop­erty Com­pany has a strong track-​​record of devel­oping stu­dent housing around the country. We look for­ward to working with the YMCA, North­eastern, Mayor Menino and other com­mu­nity leaders to make this exciting project a reality.”

The agree­ment pro­vides the Uni­ver­sity the option to pur­chase the res­i­dence hall from Phoenix Prop­erty Com­pany in the future. It also pro­vides an option for the Uni­ver­sity to pur­chase the Hast­ings Wing, where the Uni­ver­sity cur­rently leases four floors for class­room space and 88 dorm-​​style beds. The top two floors of the Hast­ings Wing house the Car­dinal Medeiros housing pro­gram, which assists people in tran­si­tion. The Car­dinal Medeiros pro­gram is expected to con­tinue its oper­a­tions in the Hast­ings Wing, renting the space from Phoenix Prop­erty or North­eastern instead of the YMCA.

The YMCA will con­tinue to own the third wing, 316 Hunt­ington Avenue, where its head­quar­ters are located. The agree­ment gives North­eastern the “right of first offer” should the YMCA decide to sell the 316 Hunt­ington Avenue wing in the future.

The agree­ment lever­ages the strengths of each orga­ni­za­tion and enables North­eastern, the YMCA and Phoenix Prop­erty Com­pany to accom­plish more together than each could accom­plish independently.