ATLANTA — A longtime Atlanta high-rise is set to be redeveloped after the city bought the property in a real estate deal with the state on Thursday.
Currently standing at the property of 2 Peachtree Street is a 41-story office tower right next to the Five Points MARTA station. Soon, it will become a mixed-use, mixed-income space in an effort to bring affordable housing and continued economic development to Downtown Atlanta, the city announced.
The project is a part of Atlanta Mayor Andre Dickens' affordable housing initiative throughout the city.
After its converted, the new space at 2 Peachtree will be the tallest residential building in Atlanta, according to a news release from the city. The 1 million square foot high-rise will also contain office and retail entities, which is designed to further the economic development of the area and the city.
“The redevelopment of 2 Peachtree will serve as an anchor for the ongoing revitalization of Downtown Atlanta—creating long-term affordable housing and mixed-use space accessible to the heart of Atlanta’s transit system,” Dickens said. "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."
During a time in which there seems to be constant construction and development throughout Atlanta, city officials said the new project will bring about "dedicated affordable housing units" and guarantee that the space doesn't just sit empty during the city's redevelopment.
“This undertaking by the city will benefit a valued population in need of quality housing and I’m thankful the partnership between the state and Mayor Dickens’ Office was able to make this transaction possible,” Gov. Brian Kemp said. “I’m also grateful that this historic building will continue to have an important purpose. As this redevelopment project kicks off, we’re excited about the impact it will have on Downtown Atlanta and the surrounding area.”
The initiative is expected to create a couple hundred brand-new housing units, city officials said.
The city's economic development agency, Invest Atlanta, is expected to pick a development partner by the end of 2023, and construction is expected to begin on the new site in 2024.
The 41-story tower can be seen directly ahead in the photo below.