ATLANTA — Affordable housing is coming to Atlanta, thanks to a big acquisition by the city.
The City of Atlanta has closed on a real estate deal with the State of Georgia to purchase the property at 2 Peachtree Street, according to Mayor Andre Dickens.
The property will be converted into a mixed-income, mixed-use site as part of the Dickens Administration’s affordable housing initiative. This will bring more affordable housing and economic activity to Downtown Atlanta.
The building, which was built in 1966, is a 41-story office tower located adjacent to the Five Points MARTA station.
According to the mayor’s office, the city’s purchase of the property will create dedicated affordable housing units and ensure that the property does not remain vacant during a crucial time in Downtown Atlanta’s redevelopment.
The conversion is expected to create several hundred new housing units, making 2 Peachtree the tallest residential building in Atlanta. The building will also contain office and retail space, further boosting economic activity in the community.
Invest Atlanta, the City of Atlanta’s economic development agency, purchased the building and will hold it as a real estate asset until a redevelopment partner is selected. Funding for the purchase will come from the Eastside Tax Allocation District.
“We are thrilled to announce the acquisition of 2 Peachtree Street and our plans to convert it into a mixed-use, mixed-income site that will serve as an anchor for the ongoing revitalization of Downtown Atlanta,” said Mayor Dickens. “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.”
“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,” said Governor Brian Kemp. “As this redevelopment project kicks off, we’re excited about the impact it will have on Downtown Atlanta and the surrounding area.”
Invest Atlanta plans to solicit responses from a Request for Proposals over the summer and select a development partner by the end of 2023. The goal is to begin construction in 2024.