ATLANTA — Atlanta has closed a real estate deal with the state of Georgia to buy a 41-story downtown property with the hope of bringing more economic activity to the area.
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Mayor Andre Dickens said the city plans to convert the building into a mixed-income, mixed-use site to bring more affordable housing and serve “as an anchor for the ongoing revitalization of Downtown Atlanta.”
“Ensuring this development is attainable for a range of incomes and lifestyles will make Downtown the vibrant, connected urban community it was always meant to be. Thank you to the State and Invest Atlanta for their partnership in helping Georgia’s capitol city expand its affordable housing inventory,” said Mayor Dickens.
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Built-in 1966, Two Peachtree was the tallest building in the city after its construction for the First National Bank of Atlanta, eventually becoming part of Wells Fargo.
The state has been emptying the tower of government tenants, moving some into vacant offices around the state capitol. Some state agencies downsized after concluding during the coronavirus pandemic that remote work meant they needed less office space.
Atlanta’s acquisition of the property will create affordable housing and ensure the property does not sit vacant during a crucial time in Downtown Atlanta’s redevelopment, according to the city.
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In addition to housing hundreds, the 1 million-square-foot tower will contain office and retail space, bringing even more economic activity to the community.
The goal is to begin construction in 2024, according to the city.
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