Re: NGCBY
I want NU to stop acting like a venture capital firm when they are tax exempt. I want them to build on the property that they already own.
Nowhere is NU acting like a venture capital firm.
A venture capital firm provides seed money for start up companies that have a high chance of failing but can make it big if the product they make are highly demanded.
Phoenix Property is not a start-up company nor are they new to this type of investment considering they own and provide student housing in the following universities:
"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."
The property (Hasting Wing and Botolph St frontage), once all transaction have been completed, will jointly belong to Phoenix Property and NU which means they will be constructing on what they own.
Furthermore, as mentioned in an earlier article, a new gym, a 3-story addition, will be constructed, by the YMCA themselves. All of which would not be possible if the Y did not sell the property in order to raise the necessary funds.
Huntington YMCA seeking zoning approval for new addition
By Johanna Kaiser, Town Correspondent
The Huntington Avenue YMCA is taking its plan to rebuild its gym and pool before a city board to receive zoning approval for the project.
The YMCA is set to appear before the city Zoning Board of Appeal on Tuesday, May 8, at 9:30 a.m. It is seeking to demolish a 22,300-square-foot portion of the facility that houses its pool and squash courts and a portion of Bates Hall before building a new addition.
The new addition would be three stories high and 23,000 square feet and house modern basketball and handball courts, and lap and therapy pools. The Y also plans to renovate and update portions of its existing building.
The proposed addition would house pools and courts that are set to be demolished as part of a larger project to erect a $75 million, 17-story dormitory for Northeastern University on a portion of the property the Y is selling to Phoenix Property Co.
The dormitory project has been approved by the Boston Redevelopment Authority but has faced ongoing resistance and criticism from Y members and neighbors who do not want to lose their facilities or see the historic building or community fundamentally changed.
The new addition is being considered by the city independently from the dormitory project. The dorm received support from the city as way to keep students from moving off campus.
Y officials have stressed that the sale of part of the building allows the organization to update the aging building and offer new programs and facilities.
http://www.boston.com/yourtown/news/fenway-kenmore/2012/04/huntington_ymca_seeking_zoning.html
Of course this is referring to the same project that people like joegenius complained that it's too suburban and that an NCAA-size court is needed even when the existing gym doesn't have one of that size.
All in all, this is probably the real reason why this project has rustled joegenius's jimmies.
