ATLANTA, APRIL 28, 2023 – Invest Atlanta today launched the process of converting downtown’s 2 Peachtree Street tower and adjacent 14 Marietta Street building into a vibrant residential/mixed-use project that will integrate seamlessly with the city and other transformational developments now underway downtown.

Invest Atlanta initiated the process by issuing a Request for Qualifications (RFQ) seeking to identify experienced, innovative, and visionary developers wanting to lead the buildings’ historic transformation. Invest Atlanta is seeking proposals that will introduce new and dynamic life to the city through the adaptive re-use and residential conversion of the historic buildings adjacent to the soon-to-be-renovated MARTA Five Points station.

Invest Atlanta envisions a redevelopment project that strengthens the City’s efforts to establish Atlanta’s downtown as a world-class intown destination. Interested developers are encouraged to bring forward proposals that align with the City’s community, financial, social and sustainability goals.

“The conversion of 2 Peachtree and 14 Marietta will advance one of our Administration’s top goals of building and preserving affordable housing by bringing additional mixed-income transit-oriented development to Downtown,” said Mayor Andre Dickens. “Once completed, 2 Peachtree will be a model of urban redevelopment and revitalize the heart of our city.”

“The redevelopment of 2 Peachtree and 14 Marietta is a landmark opportunity that will continue to propel investment in Downtown Atlanta at one of the city’s biggest and most innovative future housing assets,” added Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “We are seeking a development partner who shares our vision of creating a vibrant, mixed-use community in the heart of downtown with access to transit and job centers for more Atlantans.”

Invest Atlanta will evaluate responses to this RFQ and respondents deemed most qualified invited to respond to Request for Proposals (RFP), with selection of a developer following thereafter. Invest Atlanta envisions granting a long-term ground lease to the selected developer. Development teams should target a minimum of 200 affordable housing units ranging from 30%-80% of the area median income.

“The proposed redevelopment of 2 Peachtree and the desired conversion into housing is significant for a number of reasons,” said A.J. Robinson, president of Central Atlanta Progress. “First, it is a large, visible, iconic building on our skyline. Second, it resides at the core of the city which is being transformed by private development surrounding the site and the upcoming redo of the Five Points MARTA station. And third, its conversion to housing, with a sizable affordable element, represents a serious attempt by the Dickens Administration to make a dent in affordability in the heart of the city.”

Invest Atlanta will prioritize development proposals that consider LEED and WELL certified standards with more affordable units that blend and integrate all income levels throughout the property in a cohesive fashion. Additionally, Invest Atlanta values diversity, inclusion and hiring local talent. Proposals that demonstrate an ability to provide opportunity for local female and minority businesses will also be prioritized.

2 Peachtree Street is a 44-story tower constructed in 1966 and contains 890,000 square feet. 14 Marietta Street is a 7-story, 126,000 square foot building constructed in 1940. Both buildings were purchased by Invest Atlanta in February 2023 and will be entirely vacated by current tenants, the State of Georgia and Georgia State University, by the end of 2023.

Click HERE to view RFQ information.