By Derek Hawkins

Adding a new dimension to an already tense market for student housing, a third-party developer has sought approval from the Boston Redevelopment Authority (BRA) to build a 34-story residence hall on St. Botolph Street near Northeastern’s campus.

Phoenix Property Co. and Lincoln Property Co., two Dallas-based real estate companies, have formally proposed to construct GrandMarc on St. Botolph Street, a 1,140-bed residence hall for students and faculty at local universities.

If the project is approved, the developers will purchase 36,000 square feet of space from the YMCA at 316 Huntington Ave., which they will partially demolish to make room for the tower. The YMCA will retain 25,000 square feet of land, including the facade, and its programs will not be affected, said Wendy Zinn, executive director of the YMCA central branch.

The proposal comes as Northeastern begins construction on a 1,200-bed residence hall at Parcel 18 at the intersection of Tremont and Ruggles streets, and awaits BRA approval to convert Cullinane Hall into a new residence hall. Contrary to reports in local media, including BostonNOW, GrandMarc and its developers are not affiliated with Northeastern.

On April 19, Phoenix and Lincoln submitted a project notification form (PNF) for GrandMarc to the BRA, the first step in an approval process that could take more than a year to complete.

According to the report, the tower would cost $110 million to construct and at 345 feet would stand nearly as tall as the Christian Science Center’s administrative building. Plans for the tower include lounges, an internet caf