345 apartments to be built atop existing parking garage in Downtown

Banyan Street Capital and Greystar have announced plans for Ascent Peachtree, a 29-story tower that will be constructed atop an existing parking garage in Downtown. The $125 million project – which will create 345 units, including 70 workforce units – will break ground in May.

“Ascent Peachtree will be one of the most transit-oriented residential projects in Atlanta, offering easy access to the Peachtree Center MARTA station, a MARTA express bus stop and an Atlanta Streetcar stop, as well as direct frontage on the Peachtree Center Avenue bike lane,” said John Roberson, Managing Director of Development for Greystar, in a press release on the project.

The mix of floor plans will include studios, one, two and three-bedrooms apartment homes ranging in size from 680 square feet to 2,380 square feet. Featured amenities will include a resort-style swimming pool, outdoor entertainment space and rooftop lounge.

“This project is so exciting because we are able to create affordable housing out of thin air, literally,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta, in the same media statement. “161 Peachtree Center Avenue’s innovative adaptation of an existing parking structure adds density within the city’s Downtown core and provides affordable housing near job centers, amenities and transit nodes. This transformative project is expected to create more than 150 new jobs and make a $165 million economic impact on the city.”

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