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Atlanta's Apartment Boom Finally Reaches Downtown with New Peachtree Center Tower

Banyan Street, Greystar to Develop $120 Million Tower Atop Parking Deck
June 18, 2018
Downtown Atlanta no longer must watch from the sidelines as developers race to build high-rise housing in Midtown and Buckhead. Miami's Banyan Street Capital and Greystar are seeing to that with plans to build a $120 million apartment tower atop a Peachtree Center parking deck.

While plans for the apartment tower at 161 Peachtree Center Ave. were first discussed about a year ago, this time, the developers have lined up financing. On Thursday, the board of Invest Atlanta - the city's development authority - is expected to approve a lease-purchase bond of up to $120 million to fund the development of the 28-story, 345-unit apartment tower on top of the existing nine-story parking deck.

The 161 Peachtree Center Avenue Apartments project would add the first large-scale residential units to Peachtree Center, the landmark project by the late Atlanta architect/developer John Portman. It also would add the first new workforce housing to downtown's residential stock in 15 years, according to Invest Atlanta. Twenty percent of the project's apartments - a total of 70 units - will be set aside for households earning 80 percent or below of the area median income.

During the multifamily boom, developers have erected or are building multiple apartment high-rises in Midtown and Buckhead, but have for the most part, downtown Atlanta has largely been passed over. The largest multifamily development underway downtown is MAA's Post Centennial Park mid-rise community under way near Allen Plaza.

But downtown Atlanta's time may have come. Major mixed-use developers, including Newport US RE and Los Angeles-based CIM Group, have plans for huge developments in the submarket. CIM's plans at the Gulch include 1,000 residences, but the developer has not yet started construction.

The apartment tower at 161 Peachtree Center Ave. "directly supports the vision articulated in the Eastside [Tax Allocation District] Redevelopment Plan by ensuring that the city of Atlanta 'continues its century-old role as the dominant commercial, retail, residential and tourist center of the metro region,' " Invest Atlanta stated in a fact sheet about the project.

Moreover, Invest Atlanta said, 161 Peachtree Center Avenue Apartments will create a total economic impact of $165.4 million and create 150 temporary construction jobs and 12 new permanent jobs.

If Invest Atlanta approves the revenue bond resolution as expected, Banyan and Greystar would begin construction this fall. The first residents would move in by June 2019, and the community is expected to reach a stabilized occupancy level in June 2020, according to Invest Atlanta.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   

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