Georgia-Pacific ditches plan for apartments, mixed-use overhaul of downtown HQ
Georgia-Pacific is abandoning its plan for a mixed-use redevelopment of its downtown Atlanta skyscraper, citing market headwinds and high construction costs.
Georgia-Pacific Center at 133 Peachtree St. with its stair-stepped facade is one of downtown’s most recognizable buildings.
The pulp and paper company announced plans in 2024 to convert underused office space in the 51-story tower into apartments, and transform lower floors into shops, restaurants and entertainment space.
The company had planned about 400 apartments, including more than 130 at below market-rate rents. Its plans were to leave less than half the tower’s floor space as offices, anchored by Georgia-Pacific and its owner, Koch Inc.
The redevelopment plan became one of the most ambitious office tower conversions proposed in the city.
The redevelopment plans also included the tower’s surrounding 6-acre block owned by Georgia-Pacific. The company had planned to make it a public gathering plaza with MARTA and Atlanta Streetcar access, along with a parking deck.
Earlier this year, Georgia-Pacific project lead Suzanne Maynard said the company would begin pursuing debt and equity partners over the summer, along with public incentives from the city. The company did not reveal a budget, but had tentatively planned a groundbreaking for late 2026.
However, on Friday, Georgia-Pacific issued a statement on its change in plans.
“Georgia-Pacific has made the decision to discontinue the redevelopment,” Maynard said in the written statement. “We have invested significant time, capital, and resources to bring this project to life, but higher construction costs and broader market headwinds changed the economic viability of the project at this scale.”
Maynard added that the company is focusing its resources on “critical infrastructure improvements, modernized building systems, and upgraded amenities — including dining options, outdoor workspace and upgrades to our workplace technology — informed by input from across our team.”
“We will continue to focus on making sure employees are in an environment that helps us create value,” she said.
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