There’s good news afoot for anyone pulling for more rental options—and people in general—in downtown Atlanta. Just don’t expect the roomier ones to come cheap.
In the works for more than three years, a 29-story project called Ascent Peachtree is expected to debut this summer with 345 rentals. Those will include flats ranging from studios to two-bedroom penthouses, plus a handful of two-level, three-bedroom options considered townhomes.
The $125-million project—a partnership between multifamily developer Greystar and Banyan Street Capital, owner of nearby Peachtree Center—is unique for several reasons: It’s a rare new downtown tower that’s not student housing, and it has risen from a longstanding parking garage at 161 Peachtree Center Avenue NE, which was specifically engineered to accommodate high-rise development one day.
How 29 stories, including the parking deck, have come together. Josh Green/Urbanize Atlanta
Plans for the rooftop outdoor pool and seating. Courtesy of Banyan Street Capital and Greystar; 2019
A new marketing campaign invites Atlantans and new arrivals to “Live in the Center” at Ascent Peachtree, where the concierge will be on duty 24/7, flex workspaces and conference rooms will be available, and the elevated swimming pool and sundeck will have sweeping skyline views.
Residences, which start on the 11th floor, will have one-Gig Wi-Fi capabilities, keyless door locks, full-size washers and dryers, and “wood-inspired” plank floors.
Finishes inside a sample unit. Renderings courtesy of Banyan Street Capital and Greystar
So what's all that cost?
Studios with just over 600 square feet begin at $1,560 monthly. On the flipside, the largest two-bedroom penthouses (1,315 square feet) are commanding rents of $5,500 that could seem astronomical by downtown standards.
But the largest two-level townhomes, the building’s priciest, are going all “Hold my beer” with $5,575 monthly rentals, according to current floorplan details. Those rents get three bedrooms and three and ½ bathrooms in 2,268 square feet.
The tower's south-facing flank today. Josh Green/Urbanize Atlanta
The better news for downtown renters on a budget is that 70 units, or 20 percent, are being reserved as “workforce housing” for residents earning 80 percent of the area median income or less. According to earlier announcements, that meant that cheaper rents would begin around $1,000 for those who qualify.
Meeting that 20-percent requirement helped earn the project a $9 million Invest Atlanta loan from the Eastside Tax Allocation District, which developers have called vital to its creation.
Take a deeper dive in the gallery above.
• Recent downtown news, discussion (Urbanize Atlanta)
