New details and renderings released for a rare, non-student new apartment tower downtown help explain why monthly rents for larger units climb north of $5,000.

In some cases, well north of that number.

Greystar’s 29-story Ascent Peachtree project has risen from the top of a 161 Peachtree Center Avenue parking garage, which was built years ago to accommodate vertical construction when the market was right.

The development team has begun leasing efforts and expects to welcome the 345-unit building’s first residents this fall. Apartments start on the 12th floor and were designed to maximize city views, per project reps.

According to current marketing materials, rents begin at $1,550 for 619-square-foot studios.

Meanwhile, rents for the largest two-level units (considered townhomes) range between $5,000 and $6,510 monthly. The latter price gets three bedrooms and three and ½ bathrooms in 2,386 square feet.  

The flats themselves offer one-Gig Wi-Fi capabilities, motorized shades, keyless door locks, full-size washers and dryers, and “wood-inspired” plank floors. Beyond that are shared perks most new intown apartment dwellers have come to expect: a yoga studio, flex workspaces, a bike repair room, and concierge services.  

This two-level unit, TH-04, rents for $6,510 monthly. That gets three bedrooms and just shy of 2,400 square feet. Courtesy of Greystar

Where the building could stand out, however, is with a double shot of amenities levels designed to create “a lavish atmosphere,” as officials recently put it.

What’s described as the Spectator floor on the 12th level has three areas reserved for entertaining: the Spectator bar lounge, great room, and cabana club.

The 12th-floor cabana club. Courtesy of Greystar

The Spectator bar lounge on the building's 12th floor. Courtesy of Greystar

Outside, the Spectator terrace is surrounded by landmark skyscrapers. It has a sundeck with the pool, hammock cabanas and daybeds, multiple fireside lounges, and grilling stations.

Atop the building, at what’s called the Elevé terrace on the 29th floor, you’ll find three more interior social areas—the vino room, great room, and bar lounge—plus another outdoor terrace.  

So a concrete Communist block this is not.

The building's Spectator terrace has a swimming pool and sundeck, hammock cabanas and daybeds, multiple fireside lounges, and grilling stations.Courtesy of Greystar

The 29-story building's north face. Courtesy of Greystar

The $125-million project is owned and will be managed by Greystar. Banyan Street Capital, which also owns the revamped Peachtree Center food and shopping hub across the street, will operate the existing parking deck. 

The better news for downtown apartment seekers 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.

That means cheaper rents should begin around $1,000 for those who qualify.  

UPDATE: 4:50 p.m., July 9: This article has been corrected to reflect that Banyan Street Capital will operate only the parking deck and not the apartment portion of this project. 

Progress on the building—with the former standalone parking garage below—in May. Josh Green/Urbanize Atlanta

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