Invest Atlanta, the City of Atlanta, Banyan Street Capital and Greystar gathered to break ground on Ascent Peachtree, a multifamily project in Downtown Atlanta atop an existing parking garage. The $125 million project will bring 345 residential units, including 70 workforce units, to the city’s business core.
“This project is so exciting because we are able to create affordable housing out of thin air, literally,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “161 Peachtree Center Avenue’s innovative adaptation of an existing parking structure adds density within the city’s Downtown core and provides affordable housing near job centers, amenities and transit nodes. This transformative project is expected to create more than 150 new jobs and make a $165 million economic impact on the city.
With more than 154,000 daytime workers in Downtown Atlanta and 13,600 housing units, the project is focused on filling the residential vacancy the downtown market is experiencing by providing rental properties at a sustainable rate. Twenty percent of the units within the project will be set aside for residents earning 80% of the area median income or less, providing the opportunity for more people to live near major employment centers and transit.
“Ascent Peachtree will be one of the most transit-oriented residential projects in Atlanta, offering easy access to the Peachtree Center MARTA station, a MARTA express bus stop and an Atlanta Streetcar stop, as well as direct frontage on the Peachtree Center Avenue bike lane. Ascent Peachtree will also be one of the most amenity-rich projects in Atlanta, with walkability to over 50 restaurant options at Peachtree Center’s The Hub, as well as a variety of retail and restaurant amenities along the Peachtree Street corridor,” said John Roberson, Managing Director of Development for Greystar.
The 29-story, high-rise project will be located at Downtown Atlanta’s epicenter for commerce. Ascent Peachtree will feature unrivaled views with lowest level units starting on Level 11. The mix of floor plans will include studios, one, two and three-bedrooms apartment homes ranging in size from 680 square feet to 2,380 square feet. Featured amenities will include a resort-style swimming pool, outdoor entertainment space and rooftop lounge.
Focused on the continued investment in Downtown Atlanta, Invest Atlanta has partnered with Banyan Street Capital and Greystar, providing a $9 million loan from Atlanta’s Eastside Tax Allocation District to ensure that 70 units within the project will be allocated for workforce housing, as well as providing a lease-purchase bond financing for the project.