Atlanta/ Real Estate & Development
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Published on January 19, 2024
Atlanta Greenlights 2 Peachtree Street Skyscraper Redesign for Affordable LivingSource: Google Street View

Big moves are being made in the heart of Atlanta as the city gears up to transform a downtown skyscraper into a hub of affordable living and mixed-use spaces. Mayor Andre Dickens proudly declared yesterday, a pivotal step forward in the redevelopment of the iconic 2 Peachtree Street tower. Two Peachtree Partners, LLC has been greenlit by the Invest Atlanta Board to start hashing out project terms, a highly anticipated move since the project's unveiling in 2022.

The search for a developer to convert the 890,000 square-foot, 44-story office block into a residential and mixed-use beacon was no small feat. Invest Atlanta ran a six-month competitive bid process, looking for proposals that could not only accomplish but also elevate the city's vision for the building. Proponents were scored based on plans that sought to integrate LEED and WELL-certified standards and deliver a blend of affordable units for all income levels, as well as provide chances for local female and minority business ventures to flourish, according to official statements.

"Identifying Two Peachtree Partners, LLC as the developer is a major milestone in this project," as Mayor Dickens said. "The transformation of 2 Peachtree Street is potentially our most ambitious affordable housing undertaking, providing connectivity between housing units and transit while breathing new life into Downtown Atlanta." The Mayor's gratitude extended to Invest Atlanta, his Housing Strike Force, the Department of Planning, and everyone involved who are deeply committed to a project set to drastically alter the cityscape.

Located right next to Woodruff Park and the Five Points MARTA station, the 2 Peachtree Street redevelopment is expected to churn out at minimum 200 new housing units. This repurposing is just a piece of the puzzle in Downtown Atlanta's ongoing revamp, with other key projects like Centennial Yards and the Stitch joining in to reimagine the area. "We acquired 2 Peachtree less than a year ago with a vision to bring more residents and businesses to Downtown Atlanta," pointed out Dr. Eloisa Klementich, President and CEO of Invest Atlanta. The project represents an aspiring model for city redevelopment, promising a surge in affordable housing and dynamic mixed-use spaces intending to energize the downtown environment.

As the City of Atlanta and Invest Atlanta roll up their sleeves to get to work, they do so with the expertise of Jones Lang LaSalle (JLL), who will continue advising Invest Atlanta throughout the remainder of the contract process, with Ryan Fetz, JLL Vice President based in Atlanta, at the helm of the advisory team. This partnership is one step closer to transforming 2 Peachtree Street into a vibrant community cornerstone for Atlanta's future.

Atlanta-Real Estate & Development