Phoenix Property Co. plans to close on the sale later this month, a spokeswoman for the Greater Boston Y tells GlobeSt.com, adding that the sale price could go even higher depending on how much new development the firm is able to get approval for from City Hall.

Money from the sale will go to renovate the remaining 100,000 sf of the Y's building at 316 Huntington Ave., which is currently used for its administrative offices, after-school program, teen center and more than 80 units of affordable housing. Some of the funds will also be used to renovate several other YMCA facilities, including West Roxbury, Hyde Park and a new Norwood facility, Rice adds.

Officials from Phoenix Property could not be reached by GlobeSt.com, but the Y spokesperson says she expects the developer will convert the existing building, currently occupied by other tenants, into student housing and develop a small parking lot to the rear of the property.

University officials said last week that they plan to add two dormitory towers to house about 2,000 students along with an administration building with first-floor retail space on the school's Boston campus.