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Some two years in the making, a new apartment tower is finally set to rise over a Downtown Atlanta parking deck.
Banyan Street Capital, along with multifamily developer Greystar, has secured air rights and construction financing for Ascent Peachtree, a 29-story, $125M apartment tower above an existing parking deck at 161 Peachtree Center Ave. The two developers first announced plans for the project in June of 2017. They expect to start construction next month.
The project received a $9M loan from the Eastside Tax Allocation District last year in exchange for ensuring 70 of the 345 units will be reserved for workforce housing renters — those earning 80% or less of the area's median income.
This is the latest bet that Banyan Street has made on this nexus of Downtown Atlanta, just a block from Peachtree Street. Banyan owns the neighboring Peachtree Center mixed-use project, renovating two of its six office towers as well as redeveloping the three-story retail portion with a string of new eateries and retailers called The Hub.
In 2016, Banyan Street, along with Oaktree Capital Management, purchased the iconic 50-story 191 Peachtree Tower from Cousins Properties for $268M. The tower is just two blocks from Peachtree Center and the new apartment project.
"This announcement continues the positive momentum in Downtown Atlanta, arriving on the heels of our completion of the $25M first phase renovation of Peachtree Center, and as we continue to witness substantial growth, leasing activity and institutional investment downtown,” Banyan Street Capital principal Taylor White said in a release.
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