The Invest Atlanta Board closed on 2 Peachtree Street and will offer the property for redevelopment into a mixed-income, mixed-use site, bringing more affordable housing and economic activity to Downtown Atlanta.
As the City of Atlanta’s economic development agency, Invest Atlanta purchased 1 Peachtree, 2 Peachtree and 14 Marietta, collectively known as 2 Peachtree, from the State of Georgia with funding assistance from a $41.5 million Eastside Tax Allocation District (TAD) Special Fund Grant. Invest Atlanta then created a single purpose entity known as IA 2 Peachtree and will hold the property as a real estate asset until a redevelopment partner is selected.
According to Mayor Andre Dickens, the redevelopment of 2 Peachtree will serve as an anchor for the ongoing revitalization of Downtown Atlanta and bring more long-term affordable housing and mixed-use space that's accessible to the heart of Atlanta’s transit system. “Ensuring this development is attainable for a range of incomes and lifestyles will make Downtown the vibrant, connected urban community it was always meant to be,” says Dickens. “Thank you to the State and Invest Atlanta for their partnership in helping Georgia’s capitol city expand its affordable housing inventory.”
Built in 1966, 2 Peachtree Street is a 41-story office tower adjacent to Five Points MARTA station. The City’s acquisition of the property will create dedicated affordable housing units and ensure the property does not sit vacant during a crucial time in Downtown Atlanta’s redevelopment. The conversion is expected to create several hundred new housing units.
Once converted, 2 Peachtree will be the tallest residential building in Atlanta. Aside from residential space, the 1 million-square-foot tower will contain office and retail space, bringing even more economic activity to the community.