Another luxury high-rise is officially happening on Atlanta’s signature street.
Officials with Charleston-based Greystar tell Urbanize Atlanta they broke last week on a 33-story apartment tower at 1382 Peachtree Street, a property that’s been owned by Big Brothers Big Sisters of Metro Atlanta for a decade.
Greystar, which operates a handful of low-rise apartment communities across the metro and many others around the world, initially unveiled plans for a Midtown tower a year ago, just before pandemic lockdowns.
According to Greystar spokesperson Brittany Jones, the corner lot where Peachtree meets 17th Street will see a stack of 282 apartments, ranging from studios to three-bedroom penthouses. Also in the works is 5,000 square feet of retail space.
Meanwhile, Big Brothers Big Sisters of Metro Atlanta is moving its operations to The Met industrial warehouse complex in Southwest Atlanta, where developer Carter has undertaken extensive renovations the past couple of years.
The buildout of new headquarters offices for the agency has begun.
The youth mentoring organization has operated for more than 60 years in metro Atlanta and bought the Midtown property for $4.2 million in 2011, according to city records, with the intention of eventually cashing out.
The land has “grown considerably in value due to its location” over the past decade, as a Big Brothers Big Sisters of Metro Atlanta press release put it last week. The Atlanta Business Chronicle reports Greystar paid $8.3 million for the property.
Greystar’s portfolio of multifamily ventures in Atlanta includes Station R apartments in Reynoldstown, Elan Lindbergh, and Elan Westside on 14th Street at Howell Mill Road.
The Peachtree Street tower is expected to delivery in spring or early summer of 2023, per Greystar reps.
• Latest Midtown news, discussion (Urbanize Atlanta)