Recent studies indicate metro Atlanta is rising as a national leader for converting underused buildings into apartments. In the case of such transformations, it’s hard to get more endearingly old-school Atlanta than this. 

Leasing efforts have recently kicked off at historic 85 Peachtree St. in South Downtown, a building considered to be Atlanta’s original department store (and one of the first in the Southeast), where upper floors were mostly empty for the past half-century as the neighborhood hollowed out. 

For Atlanta Ventures—the company of tech entrepreneurs with 58 historic structures and 16 acres of South Downtown in its portfolio—85 Peachtree marks the first foray into residential development. It’s part of a planned wave of pre-2026 FIFA World Cup restaurant and retail openings that now includes Bottle Rocket burgers and sushi joint, which recently opened on Hotel Row. 

Located just south of Underground Atlanta, 85 Peachtree began life in 1899 as the Bass Dry Goods Building, where the late Victorian architecture includes arched windows and distinctive detailing. 

From left, the state of 85 Peachtree St. when purchased by tech entrepreneurs Atlanta Ventures; the building in renderings from 2025; and a recent glimpse at its facade and open-air courtyard (at right) for retail activation. Courtesy of South Downtown

Interior aesthetic with high ceilings, hardwood floors, and Bosch appliances at 85 Peachtree St. Courtesy of South Downtown

Upper floors at the boutique building have been remade into 26 loft apartments, while a 3,200-square-foot space at street level is being converted to “one massive retail restaurant opportunity,” as South Downtown officials called it during an August tour. 

A rooftop deck for residents is situated on the fourth floor. The building next door to the north (81 Peachtree St.) was hollowed out to serve as the apartments’ courtyard and a public paseo linking Peachtree and Broad streets. Bryan Capps, South Downtown’s project manager for 85 Peachtree, said “there really is nothing like this in downtown Atlanta” in a recent project update. 

85 Peachtree is scheduled to officially open this summer, offering apartments ranging from studios to two-bedroom lofts. Perks include 14-foot ceilings, Bosch appliances in the chef-ready kitchens, real hardwood floors, and historic detailing, per project officials. 

Square footages of apartments range from around 650 square feet to 1,100 on average. Jon Birdsong, a partner with Atlanta Ventures, provides the following breakdown of rent prices and other details: 

Breakdown of unit sizes and prices at 85 Peachtree St. Courtesy of South Downtown

The South Downtown team acquired the historic building for $3.3 million in foreclosure and has put roughly $25 million into its residential revival. Not included in the mix are any financing costs—or a single space of dedicated parking. 

The apartments, however, are being marketed as “the most transit-connected [rentals] in the city,” within a quick walk or roll of two MARTA stations (Five Points and Garnett), protected bike lanes, and MARTA’s new A-Line Bus Rapid Transit route, which provides a link down to the Beltline’s almost-finished Southside Trail.  

Birdsong and company have been frank about the prospects of 85 Peachtree turning a profit soon. But in a city notorious for wiping away its inimitable architectural legacy for a quick buck, this key part of the South Downtown puzzle is a refreshing change of pace.  

Courtesy of South Downtown

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