The oldest fraternity at MIT, Phi Beta Epsilon Corp., has secured financing and picked a contractor for a $7.2 million retooling of its fraternity house.

The last time the building at 400 Memorial Dr. was overhauled was 1970. The structure was built in 1916. The fraternity's Vision 2020 renovation will provide space for up to 45 residents for this year's fall semester.

"We believe that this project will be a benchmark for enhancing the student experience within independent living group housing at MIT," said Robert Steininger '76, co-chair of the building committee.

The project, designed by Alan Joslin '77 of locally based Epstein Joslin, includes many features recommended by the fraternity's undergraduate body, including specially designed areas to support academic collaboration; advances in virtual classroom technology; accommodations for nonresident members; and a greater variety of living spaces. Also included will be disability access and innovative sustainability.

Alumni donations and the lending facilities of the MIT Independent Residence Development Fund are funding the project. The Vision 2020 fundraising campaign will continue through April. The fraternity was founded in 1890 exclusively for MIT students.