Mayor Andre Dickens announced the City of Atlanta has officially closed on a real estate deal with the State of Georgia to purchase the property at 2 Peachtree Street. As part of the Dickens Administration’s affordable housing initiative, the City plans to convert the building into a mixed-income, mixed-use site to bring more affordable housing and economic activity to Downtown Atlanta.

“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,” 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. Thank you to the State and Invest Atlanta for their partnership in helping Georgia’s capitol city expand its affordable housing inventory.”

“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. “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.”

Built in 1966, 2 Peachtree Street is a 41-story office tower adjacent to Five Points MARTA station. The City’s acquisition of the property will create dedicated affordable housing units and ensure the property does not sit vacant during a crucial time in Downtown Atlanta’s redevelopment. The conversion is expected to create several hundred new housing units.

Once converted, 2 Peachtree will be the tallest residential building in Atlanta. Aside from residential space, the 1 million square foot tower will contain office and retail space, bringing even more economic activity to the community.

As the City of Atlanta’s economic development agency, Invest Atlanta purchased the building and will hold it as a real estate asset until a redevelopment partner is selected. Funding for the purchase is being allocated from the Eastside Tax Allocation District.

Invest Atlanta plans to solicit responses from a Request for Proposals over the summer and select a development partner by the end of the 2023, with the goal of beginning construction in 2024.