College Construction On The Rebound?
Northeastern University’s announcement this morning that it will be moving forward with a big new dorm complex may be a sign that better days are ahead for Boston’s battered construction market.
Colleges large and small across the Boston area froze construction in the aftermath of the global economic downturn that kicked into high gear back in the fall of 2008.
Jobless rates among local construction workers soared past 30 percent, while contractors have been doing their best to hang on amid the worst downturn in business since the Great Depression.
But Northeastern’s announcement that it will be teaming up with Phoenix Property Co. and the YMCA to build a 720 bed dorm is the latest in a growing series of signs the freeze on college construction is starting to thaw.
Under the deal, Phoenix will put down $21.5 million to buy two wings of the YMCA of Greater Boston complex that is adjacent to the Northeastern campus on Huntington Avenue.
Phoenix, under its deal with the university, will then spend another $75 million to build a new Northeastern dorm, which will face St. Botolph, the Northeastern News reports.
Meanwhile, Boston University recently won city approval for a $50 million student center, with plans to begin construction next year.
And smaller colleges are also getting into the act. The Boston Architectural College is looking at expanding its Back Bay campus by building a dorm over the Massachusetts Turnpike. And next door, Berklee College of Music is also preparing to unveil a campus revamp of its own.