Source: Tony Wilbert, CoStar
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.
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