A group of four companies have come together to seek a federal loan with low interest rates for the purpose of converting an office building in downtown Atlanta into residential units. The Integral Group, The Atlantic Cos., T. Dallas Smith & Co., and Lalani Ventures are collaborating on this project to transform the 2 Peachtree office building from the 1960s era into a mixed-use development consisting of 600 apartments, retail space, and offices. This $250 million loan will help mitigate some of the risks involved in this venture while also addressing the city’s need for affordable housing options. With expected costs exceeding $400 million, it is reported by The Atlanta Business Chronicle that this project would be one of few in the United States to take advantage of such a loan program.
Originally built as a bank headquarters and later used as a state government building, 2 Peachtree now sits mostly vacant. However, plans are underway to repurpose at least 200 units within its towering structure as affordable housing options for residents in need. This exciting development has been featured on Connect CRE under “Developer Group Eyeing Fed Funds for Conversion Project at Iconic Downtown Building.”
