An Atlanta development pioneer is leading a group of high-profile developers selected to turn the vacant 2 Peachtree St. office tower into affordable housing.
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Invest Atlanta approved on Thursday the hiring of a development team, named Two Peachtree Partners LLC, to transform the aging Downtown Atlanta office tower, adding a big swath of affordable units toward the city’s goal of 20,000 by 2029.
Integral Group was tapped to lead the group, and it is partnering with The Atlantic Cos., brokerage firm T. Dallas Smith & Co., and Lalani Ventures in the project.
The joint venture plans to develop 220 affordable housing units in what is now a 44-story, 890K SF office tower bound by Peachtree, Decatur, Forsyth and Alabama streets next to Underground Atlanta.
"The vision for 2 Peachtree Street is not just about building or repositioning structures but creating a community that resonates with the heart of Atlanta," Integral Group Chairman Egbert Perry said in a statement. "We are committed to honoring Atlanta's rich history while embracing its dynamic future."
Under Perry’s leadership, Integral spearheaded the mixed-income concept in public housing nationally through its redevelopment of former Atlanta public housing projects. The Atlantic Cos. is known for its 8West mixed-use project in Midtown and Centergy at Tech Square.
T. Dallas Smith & Co. rose to prominence in Atlanta’s brokerage scene this past decade by helping shuttle Microsoft to Atlantic Station. Lalani Ventures also quickly hit radars when the firm purchased Underground Atlanta in 2020 with plans to redevelop the iconic destination.
“Identifying Two Peachtree Partners, LLC as the developer is a major milestone in this project,” Atlanta Mayor Andre Dickens said. “The transformation of 2 Peachtree Street is potentially our most ambitious affordable housing undertaking, providing connectivity between housing units and transit while breathing new life into Downtown Atlanta.”
Invest Atlanta purchased the 55-year-old tower from the Georgia Building Authority last year for $39M. The building had been home to various state departments, including the Georgia Department of Community Health and the Georgia Department of Behavioral Health and Developmental Disabilities.
DEVELOPMENT
The newly created, city-affiliated nonprofit Atlanta Urban Development Corp. has issued its first request for qualifications, seeking developers to transform Fire Station 15 into a mixed-use project that incorporates affordable and market-rate housing above a newly refurbished fire station. Responses to the RFQ to redevelop the station, at 170 10th St. in Midtown, are due March 4. AUD was created as a nonprofit subsidiary of Atlanta Housing to lead redevelopments of publicly owned land.
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Atlanta-based Columbia Residential is moving forward on an 80-unit affordable housing project next door to MARTA’s Avondale station targeted at seniors earning below 80% of the area median income, or around $57,200 for a single-person household, the Atlanta Business Chronicle reported.
The Georgia Department of Community Affairs, the City of Decatur, Decatur Housing Authority and DeKalb County are providing financial support for the project, according to the ABC.
LEASES
Dilweg Cos. signed two tenants for a combined 44K SF at Northridge Commons in Central Perimeter. Envision Construction signed a 23K SF lease to relocate and expand at the 471K SF, seven-building office campus at 8601 Dunwoody Place, while healthcare tech company Artelon inked a 21K SF deal.
Transwestern Executive Managing Director Greg Frankum, Senior Managing Director Matt Spickard and Associate Ansley Chenault brokered the deals for the landlord.
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Triumph Motorcycles is relocating its North American headquarters to Building 1070 at Lee + White in a 15K SF space that will include offices and a showroom. Triumph is moving from 100 Hartsfield Centre Parkway.
Cushman & Wakefield Senior Director Porter Henritze and Senior Associate Melanie Garlock brokered the deal for the joint owners of Lee + White, MDH Partners, and Ackerman & Co. Lee & Associates principal Tim Palmer represented Triumph.
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SALES
Nuveen Real Estate purchased Peachtree Crossing, an 81K SF shopping center anchored by The Fresh Market in Peachtree City, from Harbour Real Estate Partners for an undisclosed sum. Harbour purchased the retail project in 2019 for $10.2M, according to Fayette County property records.
JLL Managing Director Brad Buchanan, Senior Managing Director Jim Hamilton and Vice President Andrew Michols brokered the sale.
PERSONNEL
Hospitality industry vet Carmen Almos has launched an Atlanta-based hotel consultancy and investment firm, Ashburton Hospitality. Almos' new firm already has a portfolio of hotels under the Hilton, Marriott and InterContinental Hotel Group brands.
Prior to Ashburton, Almos was senior vice president for Mission Hill Hospitality and previously worked as senior vice president for Dubai-based private equity firm Investra Capital.
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Portman Holdings has tapped Kaunteya Chitnis as managing director of the firm’s hotel platform, tasked with spearheading the developer’s hotel investment and development strategy. Prior to Portman, Chitnis was a senior vice president at hotel owner MCR.
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Mike “Woody” Woodward has been named as executive vice president and chief growth officer for Hospitality Ventures Management Group in Atlanta. Woodward will lead strategies to grow third-party management and property acquisitions. Woodward was senior vice president of franchise development for Focus Brands prior to his move to HVMG.
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