Downtown’s $125M parking deck-topping apartment tower to break ground Thursday
May 8,2019
One of downtown Atlanta’s many parking decks could soon house hundreds of people. Sort of.
On Thursday, officials with the development team of Banyan Street Capital and Greystar will break ground on Ascent Peachtree, a 345-unit apartment tower set to rise atop an existing parking garage.
The parking deck itself will continue to shelter automobiles, but the tower that’s slated to climb from its roof would feature everything from studios to three-bedrooms, ranging from a humble 680 square feet to 2,380 square feet.
The apartments won’t start until the 11th floor, which developers say will translate to skyline views galore.
The $125 million project, supported in part by a $9 million Invest Atlanta loan from the Eastside Tax Allocation District, is expected to stand 29 stories and feature a lush amenities deck flush with greenery, according to new renderings.
And because of the Invest Atlanta loan, 20 percent of the R2L Architects-designed tower’s apartments will be earmarked for workforce housing, officials have said.
That’s 70 units for people taking home 80 percent of the area median income or less.
The tower would also stand about a block from the Peachtree Center MARTA station and next door to Banyan’s The Hub, which just wrapped a $25 million first-phase makeover.