During the recession, Northeastern leased Boston's first privately developed dorm so it could put capital elsewhere, like the $250M science center it hopes to break ground on this month. (People do crazy stuff in the name of science, though this was pretty sensible.) The private $120M residence hall—to be completed this year—may signal a new tradition for this student-rich market. The 720-bed East Village dorm being developed by Dallas' Phoenix Property allows Northeastern to fulfill more of its capital needs, chief of campus planning and development Kathy Spiegelman tells us.

While the city wants universities to provide more student housing, the East Village deal was controversial and delayed by litigation, Kathy says. There was anxiety that a privately owned dorm may be converted to other uses in the future, which the university cannot control. (In the blink of an eye, there could be an indoor circus on campus.) Northeastern also can't oversee the end product, which is being built around two historic structures—the YMCA and Hastings Hall—and how it will wear over time, she says. The deal calls for Northeastern to rent East Village for 15 years with an option to buy at various times. The developer pays the property taxes and for construction financing, so renting is more expensive than owning for the university, she says.

The 17-story East Village, designed by DiMella Shaffer, is a living/learning facility that incorporates classrooms and a 7,000 SF multi-purpose room with the housing. The units are a mix of 627 dorm-style rooms (450 SF) and 96 apartment-style suites that average 950 SF and feature three or four bedrooms. “Theoretically,” PPC EVP Jason Runnels says, is that one day they could be “true multifamily rentals.” It's been challenging to build next to historic structures and the New England Conservatory of Music. The construction crew sealed the conservatory windows to prevent the invasion of dust and noise and installed vibration and noise detectors to safeguard performances at Jordon Hall. (Jackhammers don't usually go that well with Bach.)