Near Underground Atlanta, fresh visuals, timeline for housing emerge

Years after it was initially proposed, the first step toward injecting downtown’s Five Points area with dense housing is coming into clearer focus, along with a possible construction timeline.

According to Invest Atlanta, the 1 Peachtree infill project just north of Underground Atlanta is now called “Five Peachtree Senior.” It’s proposed as 65 units of rent-capped senior housing, situated against an existing parking garage where Peachtree and Wall streets meet, as illustrated in new renderings and other visuals.

A development timeline now calls for opening the ground-up new building in 2027, following 18 months of construction, according to an Invest Atlanta project recap.

The development team behind the Five Peachtree Senior project, which was first proposed in 2022, has called it the first step in a “transformative” injection of new downtown housing. That would include the planned conversion of former office skyscraper 2 Peachtree across the street into a mix of affordable housing and commercial space.

The 44-story conversion project has yet to move forward, though building permit applications were filed last year.

Fresh rendering showing the proposal's Peachtree Street facade, just north of Underground Atlanta. Five Peachtree Senior/Urban Momentum Inc.; designs, GVSA

Looking south, the open plaza site where 1 Peachtree is planned, with Underground Atlanta in the distance. The taller 2 Peachtree tower is shown at right. Google Maps

According to Invest Atlanta, Five Peachtree Senior will be restricted for residents age 62 and older, with amenities that include a fitness center, clubhouse with meeting rooms, and a computer center.

Plans also call for ground-floor retail “contributing to an active, inclusive, and vibrant downtown community,” per Invest Atlanta.

The agency’s board has approved $2 million in Eastside Tax Allocation District funds to help fund the $32.5 million project.

Five Peachtree Senior/Urban Momentum Inc.; designs, GVSA

Blueprints for how the Peachtree Street building will link with an existing parking garage, at right. Five Peachtree Senior, via Invest Atlanta

Another goal of the project would be to place seniors close to transit and downtown amenities to encourage walkability.

Along with the planned 2 Peachtree conversion across the street, the project would help “invigorate the Five Points district by increasing downtown residential presence, adding new rooftops, activating the streetscape, and fostering greater safety, engagement, and neighborhood stewardship,” per Invest Atlanta’s summary.

The ownership entity for all aspects of the project is now listed as Urban Momentum Inc. But the development partnership remains unchanged: Underground Atlanta owners Lalani Ventures, The Integral Group, The Atlantic Companies, and office leasing firm T. Dallas Smith and Company.

In 2024, Lalani Ventures unveiled plans for a 30-story residential tower that would bring more than 400 apartments to Underground’s doorstep, contributing to the planned housing influx. But Shaneel Lalani, Lalani Ventures CEO, told Urbanize last year that lining up financing for the roughly $160-million proposal has been difficult.

The Five Peachtree Senior project’s financing parties are listed as: Atlanta Development Authority (Eastside TAD funds); Georgia Department of Community Affairs (tax credits); Boston Capital (construction/permanent lender); Atlanta Housing (construction/permanent lender); and Enterprise (federal/state Low-Income Housing Tax Credits investor).

Here's a closer look at the site in question today, and a breakdown of projected rents:

Invest Atlanta