Georgia Tech plans to build an 862-bed residence hall for first-year students.

The Georgia Board of Regents on Tuesday approved the $117 million housing project, to be financed largely by bonds issued by a private Georgia Tech foundation.

The 191,000-square foot hall will be built on Northside Drive, between 8th and 9th streets in Atlanta near the campus. The site currently is used as a parking lot and as a landscaping services yard, according to board documents.

The hall is expected to open by the start of the fall 2026 semester.

The new dorm is expected to accommodate Georgia Tech’s projected enrollment growth over the next 10 years, documents state. It also could house students who live in other on-campus housing while those buildings are being renovated.

Georgia Tech enrolled 3,582 freshmen in fall 2022, up from 2,953 in fall 2016, according to University System of Georgia data.

The new hall will include study rooms, lounges and kitchens.