Exciting Changes Coming to Downtown Atlanta!
Atlanta, known for its rich history and vibrant culture, is about to see some big changes that could reshape the downtown area. The paper and packaging giant, Georgia-Pacific, recently unveiled ambitious plans to redevelop its world headquarters, which sits proudly as the sixth tallest building in the city.
The Transformation Journey
Located at 133 Peachtree Street, the impressive 51-story tower currently houses 1.3 million square feet of office space. In an exciting announcement on Thursday, Georgia-Pacific revealed that it plans to convert the upper floors of the building into 400 apartment units. This marks a significant shift in its usage, as the company aims to create a more vibrant living community within the city.
But that’s not all! The redevelopment project will also keep around 600,000 square feet of office space dedicated to Georgia-Pacific’s headquarters, along with the Atlanta office of its parent company, Koch Industries. This dual approach of residential and office space reflects a growing trend of creating mixed-use environments that benefit both residents and businesses.
Retail and Entertainment Expectations
As part of this initiative, Georgia-Pacific plans to include 125,000 square feet of retail, restaurant, and entertainment offerings, complemented by a 35,000 square foot central plaza. This plaza is envisioned as a community hub where residents and visitors can gather, shop, and enjoy various dining options. Just imagine grabbing a coffee and sitting down in a lively plaza right in the heart of Downtown Atlanta!
Why the Change?
According to Georgia-Pacific’s CEO, Christian Fischer, the company recognizes that the office landscape has shifted significantly. He mentioned, “the adaptive reuse of our site and office tower can create greater long-term value.” With a growing demand for more living, shopping, dining, and entertainment options downtown, this project aims to fill that gap and stimulate economic growth.
Fischer also expressed excitement for the potential positive impact on surrounding businesses. “We are acutely aware of the need for more residential options in our Downtown neighborhood,” he added, highlighting the need for this transformation.
The Bigger Picture
While the exact cost of this redevelopment remains under wraps, Georgia-Pacific is currently exploring various incentive programs to support this project. In a move towards inclusivity, they are evaluating a mix of residential offerings, although specifics regarding affordable housing units are not yet finalized.
Atlanta’s Mayor, Andre Dickens, expressed strong support for the project, aligning with his vision of adding new housing units to the area. He aims to see the development of 20,000 new affordable housing units by 2030, potentially making this project a key player in achieving that goal. Dickens stated, “This transformative redevelopment is a significant step in moving Atlanta forward.”
Looking Ahead
The project is expected to be completed by fall 2027, and as Georgia-Pacific looks to the future, they even have plans for additional redevelopment phases. Future expansions could potentially include amenities like hotels, more retail options, and additional residences, continuing to shape the landscape of this bustling metropolitan area.
Overall, this redevelopment is set to inject new life into Downtown Atlanta, transforming a central block into a lively, welcoming destination. Residents and visitors alike can look forward to a future where living, working, and playing in the heart of the city converge in a way that enhances community and connectivity.
