Construction has begun on 345-unit residential project with affordable housing atop parking garage downtown.
The City of Atlanta, Banyan Street Capital, Greystar, and Invest Atlanta Thursday morning broke ground on Ascent Peachtree.
The multifamily project will be built atop an existing parking garage downtown, at 161 Peachtree Center Avenue NE.
Ascent Peachtree will bring 345 residential units, including 70 workforce units (housing that is affordable to workers and close to their jobs), to the area.
It is expected to cost $125 million which includes a $9 million loan from Atlanta’s Eastside Tax Allocation District.
Housing, available as studios, one-, two-, and three-bedrooms, will start on floor 11 ranging in size from 680 to 2,380 square feet.
Terri Lee, the City of Atlanta’s chief housing officer, at the groundbreaking spoke about the project’s impact on downtown
The 29-story project is expected to create more than 150 jobs and make a $165 million economic impact on the city.