Invest Atlanta has officially launched the process of converting downtown’s 2 Peachtree Street tower and the adjacent 14 Marietta Street building into a vibrant residential/mixed-use development.
With the issuance of a Request for Qualifications (RFQ), Invest Atlanta seeks to identify an experienced, visionary developer that will lead the buildings’ transformation and introduce dynamic new life to the city through the adaptive re-use and residential conversion of the historic buildings.
“The conversion of 2 Peachtree and 14 Marietta will advance one of my administration’s top goals of building and preserving affordable housing by bringing additional mixed-income transit-oriented development to Downtown,” says Atlanta Mayor Andre Dickens. “Once complete, 2 Peachtree will be a model of urban redevelopment and become the city’s tallest residential building.”
The City of Atlanta acquired 890,000-square-foot 2 Peachtree Street from the State of Georgia in February 2023. The 44-story tower was built in 1966. 14 Marietta is a seven-story building with 126,000 square feet. Adjacent to the soon-to-be-renovated MARTA Five Points station, both buildings will be entirely vacated by current tenants the State of Georgia and Georgia State University by the end of 2023.
“The redevelopment of 2 Peachtree is a landmark opportunity that will continue to propel investment in Downtown Atlanta, one of the city’s biggest growth opportunities,” says Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “We are seeking a development partner who shares our vision of creating a vibrant, mixed-use community in the heart of Downtown with access to transit and job centers for more Atlantans.”
Invest Atlanta will evaluate responses to the RFQ, and respondents deemed most qualified will be issued a Request for Proposal (RFP), with selection of a developer following at a later date. Invest Atlanta envisions granting a 99-year ground lease to the selected developer whose plans will further the City’s efforts to establish Atlanta’s downtown as a world-class intown destination.
Interested developers are encouraged to bring forward proposals that align with the City’s community, financial, social and sustainability goals. Potential developers should consider including a combination of uses, including market-rate residential, affordable housing, student housing, hospitality, short-term residential, office and retail. This includes a target minimum of 200 residential units for residents earning 80% of the area median income or below.
Invest Atlanta will prioritize development proposals with more affordable units that blend and integrate all income levels throughout the property in a cohesive fashion. Additionally, Invest Atlanta values diversity, inclusion and hiring local talent. Proposals that demonstrate an ability to provide opportunity for local female and minority businesses will also be prioritized.
Click HERE to view RFQ information.