A group of four companies has formed a joint venture to secure a federal loan with low interest rates for the conversion of an office building in downtown Atlanta into residential units. The Integral Group, The Atlantic Cos., T. Dallas Smith & Co., and Lalani Ventures have joined forces to transform the 1960s-era 2 Peachtree office building into a mixed-use development consisting of 600 apartments, retail space, and offices. With project costs estimated at over $400 million, the $250 million loan will help mitigate some of the financial risks involved in this endeavor while also addressing affordable housing needs in the city.
According to reports from The Atlanta Business Chronicle , this project would be one of the first conversions from an office space to residential units in America that utilizes this type of federal loan program.
Originally built as a bank headquarters before serving as a state government building, 2 Peachtree is currently mostly vacant. However, plans are underway for at least 200 new affordable housing units within its towering structure once renovations are complete.
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