29-story apartment tower to rise over Peachtree Center

April 22,2019

Douglas Sams, Atlanta Business Chronicle

Plans for a 29-story high-rise apartment tower over downtown’s Peachtree Center are moving forward.

Charleston, S.C. developer Greystar will build the $125 million project with 345 residential units, the company announced today.

Greystar confirmed it bought the air rights and closed on construction financing for the tower atop the Peachtree Center parking garage, which it will call Ascent Peachtree. Greystar did not release details of the transaction.

A Greystar affiliate acquired the air rights for $6 million, according to Databank Inc., an Atlanta real estate property research firm. Santander Bank was the lead lender on $80 million in construction financing for the project, Databank said. The tower will include 70 workforce units, according to Banyan Street and Greystar.  

“Ascent Peachtree will be one of the most transit-oriented residential projects in Atlanta,” John Roberson, managing director of Development for Greystar, said in a release.

The tower 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.

Invest Atlanta partnered with Banyan Street Capital and Greystar, providing a $9 million loan from Atlanta’s Eastside Tax Allocation District for the 70 workforce units.