After decades of languishing, the Atlanta gulch and Five Points areas are quickly changing – or at least the money for changing is all lining up. The massive Centennial Yards project, a sprawling development in the actual gulch canyon is expected to cost some $5 billion, with a $2 billion tax-incentive deal as part of the plan. That project will result in hundreds of new apartments, hotel and commercial space over the next ten years.
Atlanta Mayor Andre Dickens announced the next step in the area’s redevelopment this week. With nearly $40 million in funding from Invest Atlanta, the city is acquiring a major property at 2 Peachtree Street from the State of Georgia and will convert it into a mixed-income, mixed-use site to bring more affordable housing to the area and increase economic activity. The plan is part of a pledge from Mayor Dickens to have an inventory of at least 20,000 affordable housing units by 2030.
“This historic purchase is an investment in Downtown Atlanta and a huge leap forward in our plan towards 20,000 affordable housing units,” said Mayor Dickens. “I am grateful for the partnership with Invest Atlanta on the acquisition of 2 Peachtree Street, which provides us with a unique opportunity to address both our need for mixed-income housing at MARTA stations and move us closer to our vision of a world-class downtown area.”
Built in 1968, the 41-story office tower is directly adjacent to the Five Points Marta Station and will ensure the property’s development during a crucial revitalization period for the area, as well as ensure affordable housing is a part of the project.
In addition to this and the Centennial Yards project, the adjacent Five Points Station is also getting a $150 million overhaul and, amazingly, the Atlanta Constitution Building on the other side of the tracks is also being preserved and will feature affordable housing in its redevelopment. For fans of historic preservation, the brick deco design of this building and the history behind it were a major concern for teardown, especially since the building has been unoccupied for decades and there are multiple trees of significant size growing straight out of the roof. Private developers have previously looked at the building for redevelopment potential but the scale of the project consistently spooked investors.
As the anchor of Atlanta’s only real historic urban district, the Five Points Area’s redevelopment, without too much flattening, is a great win for historic preservationists and boosters of Atlanta and its history.
“From Centennial Yards to investments in South Downtown, Downtown Atlanta is on a strong growth trajectory with huge potential to strengthen an economic core of the city and help bring new affordable housing near employment centers and transit to more Atlantans,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “With exemplary leadership from the Mayor, we are proud to partner with the City of Atlanta once again on a transaction that will make a lasting impact for generations to come.”
