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Atlanta to Transform Downtown Bank into Affordable Apartments

According to Mayor Andre Dickens, the Invest Atlanta Board has given $39 million to buy 2 Peachtree Street from the State of Georgia and turn it into affordable housing. The plan is to turn it into affordable housing.

The 44-story former First National Bank Building was constructed in 1968. It was bought by the state in 1991 and is now used as a government office building.

The State of Georgia Building; Previous Name

Dickens said that “this historic acquisition represents an investment in Downtown Atlanta and a major leap forward in our objective of 20,000 affordable housing units.”

Also read: Atlanta Business Owners Expect That the Reopening of the Cheshire Bridge Would Revitalise the Economy

“I am appreciative of the collaboration with Invest Atlanta on the purchase of 2 Peachtree Street. It gives us a unique opportunity to address both our need for mixed-income housing near MARTA stations. It also brings us closer to our goal of a world-class downtown area,” the mayor of Atlanta said.

In a press release, the city stated that “direct investment in the property will create dedicated and deeply affordable housing units. It ensures that the property does not sit vacant during a crucial time in Downtown’s redevelopment. It also serves as a cornerstone of the city’s investment in Downtown Atlanta.”

Nearby Five Points MARTA Station

The property is adjacent to the Five Points MARTA station. It’s anticipated that the conversion would result in several hundred additional homes.

The building will be purchased by the city’s economic development division, Invest Atlanta. It will be held as a real estate asset until a redevelopment partner is found.

Also read: Atlanta Tax Expert Sent to Jail for Cheating the IRS by Filing False Tax Returns

The Eastside Tax Allocation District is allocating money for the acquisition.

The city is working with government organisations to advance Downtown Atlanta development in addition to redeveloping 2 Peachtree Street.

These partnerships are to be mentioned in detail. One is 143 Alabama Street, where the Atlanta Constitution Building will be preserved. Next one is the construction of new affordable housing.

One of them is 184 Forsyth Street, where the Atlanta City Council is anticipated to pass legislation this fall to redevelop the vacant lot.

The Invest Atlanta Board also authorised bond financing for affordable housing for the Boulevard North and Villages at Carver complexes, in addition to funding for 2 Peachtree Street.

Of these, 308 housing units are anticipated to be financed by these board decisions, 242 of which will be accessible to those making no more than 60% of the local median income.

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