Press Release: Invest Atlanta Board Approves $9M Eastside TAD Grant to Fund 20 Percent Affordable Workforce Housing Units in New Residential Development in Downtown Atlanta
ATLANTA – Mayor Kasim Reed and the Invest Atlanta Board of Directors passed a resolution today approving the use of $9 million from the Eastside Tax Allocation District (TAD) for the development of a $90.5 million, 14-story, 302-unit residential tower at 161 Peachtree Center Avenue in Downtown Atlanta. Sixty of the units, or 20 percent of the total units, will be set aside as affordable workforce housing.
“I am pleased that Invest Atlanta is able to support a new residential development in Downtown Atlanta with 20 percent affordable, workforce housing units,” said Mayor Kasim Reed. “The development at 161 Peachtree will be the second new residential development for families and young professionals in Downtown Atlanta in the past decade, demonstrating that developers are growing increasingly confident about building in the core of our city. This is another example of how we are taking action to ensure high-quality, affordable housing options for all families.”
Banyan Street Capital LLC, the owner of Peachtree Center, is proposing to partner with Greystar, a national multifamily developer and property manager, to build the residential tower above an existing parking garage adjacent to Peachtree Center.
The project will bring approximately 150 temporary construction jobs, and more than $90M in capital investment to the Downtown area. The total economic impact of the project is estimated at more than $129 million. Construction is expected to begin in early 2018.
“This project will not only attract more residents and commercial activity to Downtown, but activate an existing structure in a new and innovative way that brings greater affordability and mobility to Atlanta,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “With 20 percent of the units being offered at 80 percent of area median income, more working families can live within a short walk or transit trip from Atlanta’s jobs centers.”
The news about the 161 Peachtree residential tower continues the positive economic momentum already underway in Downtown Atlanta. Post Centennial Park apartment complex will open soon, and construction of the Castleberry Park and Hard Rock Hotel development is underway. In addition, WRS, Inc. will soon begin the redevelopment of Underground Atlanta into a live-work-play destination, ensuring significant investment in the South Downtown area.
About Invest Atlanta
Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta’s economy and global competitiveness to create increased opportunity and prosperity for the people of Atlanta. Chaired by the Mayor of Atlanta, and governed by a nine- member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing and tax credits.