Mayor Andre Dickens announced the Invest Atlanta Board has approved $39 million of funding to acquire 2 Peachtree Street from the State of Georgia. The City plans to convert the building into a mixed-income, mixed-use site to bring more affordable housing and economic activity to Downtown Atlanta. This collaboration between Invest Atlanta and the City of Atlanta advances Mayor Dickens’ housing agenda to build or preserve 20,000 affordable housing units by 2030.
“This historic purchase is an investment in Downtown Atlanta and a huge leap forward in our plan towards 20,000 affordable housing units,” said Mayor Dickens. “I am grateful for the partnership with Invest Atlanta on the acquisition of 2 Peachtree Street, which provides us with a unique opportunity to address both our need for mixed-income housing at MARTA stations and move us closer to our vision of a world-class downtown area.”
Two Peachtree Street is a 41-story office tower built in 1968, currently owned by the State of Georgia and conveniently adjacent to Five Points Marta station. The City’s direct investment in the property will create dedicated and deeply affordable housing units, ensure the property does not sit vacant during a crucial time in Downtown’s redevelopment and serve as a cornerstone of the City’s investment in Downtown Atlanta. The conversion is expected to create several hundred new housing units.
As the City of Atlanta’s economic development agency, Invest Atlanta will purchase the building on behalf of the City and hold it as a real estate asset until a redevelopment partner is selected. Funding for the purchase is being allocated from the Eastside Tax Allocation District.
“From Centennial Yards to investments in South Downtown, Downtown Atlanta is on a strong growth trajectory with huge potential to strengthen an economic core of the city and help bring new affordable housing near employment centers and transit to more Atlantans,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “With exemplary leadership from the Mayor, we are proud to partner with the City of Atlanta once again on a transaction that will make a lasting impact for generations to come.”
Along with the redevelopment of 2 Peachtree Street, the City is also partnering with public agencies to advance Downtown Atlanta development, including:
- 5 Points Station – A $150 million overhaul of the station adjacent to Two Peachtree;
- 143 Alabama Street – Preservation of the Atlanta Constitution Building and the creation of new affordable housing on the site;
- 184 Forsyth Street – The Atlanta City Council is expected to pass legislation this fall to redevelop the vacant City-owned lot by the Garnett MARTA station;
- 104 Trinity Street – Development group selected to building 228-unit affordable housing project on the vacant City-owned site;
- The Stitch – The Invest Atlanta Board approved $10 million in funding to advance the highway capping project.
Original source can be found here.
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