The Invest Atlanta Board of Directors passed a resolution approving the use of $9 million from the Eastside Tax Allocation District for the development of a $90.5 million, 14-story, 302-unit residential tower at 161 Peachtree Center Ave. in downtown Atlanta. Sixty of the units, or 20 percent of the total units, will be set aside as affordable workforce housing.
Banyan Street Capital LLC, the owner of Peachtree Center, is proposing to partner with Greystar, a national multifamily developer and property manager, to build the residential tower above an existing parking garage adjacent to Peachtree Center.
The project will bring approximately 150 temporary construction jobs, and more than $90 million in capital investment to the downtown area, according to a news release from the city. The total economic impact of the project is estimated at more than $129 million. Construction is expected to begin in early 2018.
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