I
nvest Atlanta is planning a major overhaul of the 1960s office tower at 2 Peachtree Street, with a $400 million conversion into residential units, retail space, and offices. The Integral Group, the Atlantic Companies, T. Dallas Smith & Company, and Lalani Ventures are partnering on the project, known as Two Peachtree Partners.

    The redevelopment will include over 200 affordable apartments near MARTA's Five Points station and is expected to be funded through a combination of private and public sources, including up to $250 million in low-interest loans from the U.S. Department of Transportation. Invest Atlanta president Eloisa Klementich believes that the unique nature of this project justifies its price tag.

    While some city council members have expressed concerns about the cost compared to new construction, experts see it as a vital step towards meeting Atlanta's growing housing and development needs. "Given the ambition of what the city wants the building to be, maybe the cost is not as surprising," said Geoff Koski, president of KB Advisory Group.

    The project will transform the 40-story office building into a modern mixed-use space, showcasing Invest Atlanta's commitment to embracing existing infrastructure and exploring all development options.