The Invest Atlanta Board of Directors has passed a resolution approving the use of $9 million from the Eastside Tax Allocation District (TAD) for the development of a $90.5 million, 14-story, 302-unit residential tower at 161 Peachtree Center Avenue in Downtown. Sixty of the units, or 20 percent of the total units, will be set aside as affordable workforce housing.
Banyan Street Capital LLC, the owner of Peachtree Center, is proposing to partner with developer Greystar to build the residential tower above an existing parking garage adjacent to Peachtree Center.
The project will bring approximately 150 temporary construction jobs, and more than $90 million in capital investment to the Downtown area. The total economic impact of the project is estimated at more than $129 million. Construction is expected to begin in early 2018.
“This project will not only attract more residents and commercial activity to Downtown, but activate an existing structure in a new and innovative way that brings greater affordability and mobility to Atlanta,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “With 20 percent of the units being offered at 80 percent of area median income, more working families can live within a short walk or transit trip from Atlanta’s jobs centers.”