Tall & Urban News

Banyan Street Capital and Greystar have announced the acquisition of the air rights and closing of construction financing for Ascent Peachtree, a multifamily project in Downtown Atlanta atop an existing parking garage. The $125 million project will bring 345 residential units, including 70 workforce units, to the city’s business core.

With more than 154,000 daytime workers in Downtown Atlanta and 13,600 housing units, the project is focused on filling the residential vacancy the downtown market is experiencing by providing rental properties at a sustainable rate. Twenty percent of the units within the project will be set aside for residents earning 80 percent of the area median income or less, providing the opportunity for more people to live near major employment centers and transit. The project is set to break ground in May 2019.

“Ascent Peachtree will be one of the most transit-oriented residential projects in Atlanta, offering easy access to the Peachtree Center MARTA station, a MARTA express bus stop and an Atlanta Streetcar stop, as well as direct frontage on the Peachtree Center Avenue bike lane. Ascent Peachtree will also be one of the most amenity-rich projects in Atlanta, with walkability to over 50 restaurant options at Peachtree Center’s The Hub, as well as a variety of retail and restaurant amenities along the Peachtree Street corridor,” said John Roberson, Managing Director of Development for Greystar.

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