Redevelopment will usher in the rebirth of an icon and transform the heart of Downtown Atlanta
Banyan Street Capital announced today that Peachtree Center, Downtown Atlanta’s landmark transit-oriented, mixed-use development, has officially begun an ambitious redevelopment project that will massively transform its three-story retail center and outdoor courtyard. The revamped space will be called The Hub, a nod to Peachtree Center’s position at the heart of Downtown and its connectivity, walkability and energy.
“John Portman, Jr.’s original vision for Peachtree Center was revolutionary at the time – a central hub with a mix of uses for office workers, out-of-town visitors and Atlanta locals to experience the heartbeat of the city,” said Rudy Prio Touzet, CEO of Banyan Street Capital. “We’re excited to honor his pioneering vision with this new renovation and bring Peachtree Center into the 21st century, in step with the renaissance of Downtown Atlanta as a whole. By opening up The Hub to foot traffic on Peachtree Street and ushering in a new era of dining, shopping, entertainment and events, Peachtree Center will truly serve as a connected, fully modern workplace and urban destination.”
The Beck Group is working with Banyan Street Capital to integrate Peachtree Center’s iconic mid-century modern architecture into the fabric of a next-generation, urban hub. The courtyard, which lies between two of the community’s six iconic office towers, will be redesigned to better connect with pedestrian traffic on Peachtree Street and function as a town square with plenty of space for events or just enjoying a bite to eat and watching the city go by, with a show-stopping glass-enclosed staircase connecting directly to the retail center, reflective pools with seating and art displayed throughout. Transforming the streetscape, the courtyard will feature a suspended canopy of linear lighting elements to create a dynamic signature feature that will be especially stunning at night.
The retail center will evolve into The Hub, which will debut in spring 2019, bringing new food offerings and experiences to Downtown Atlanta. Barriers that impede pedestrian flow will be removed, all finishes and furnishes will be upgraded and updated lighting will brighten the space. All entrances will be modernized with backlit glass panels and steel canopies to increase their prominence and make them more inviting for the 12 million people annually arriving at The Hub, whether on foot, in their car, on their bike or on MARTA.
Along with the facelift, The Hub will feature an exciting new line-up of restaurants, shops and entertainment tailored to blossoming Downtown Atlanta and inspired by great urban mixed-use centers like Rockefeller Center. Amy Fingerhut of CBRE is overseeing the retail remerchandising, actively working to bring foodie-focused eateries, unique entertainment experiences and boutique services like fitness and grocery to the mixed-use destination. As Peachtree Center is home to 6,000 office tenants and connected to over 4,000 hotel rooms via sidewalks and sky bridges, the renovation and addition of new retailers and restaurants will breathe new life into the neighborhood.
“People are finding endless reasons to rediscover Downtown Atlanta, the heart of the City and the region,” said A.J. Robinson, President of Central Atlanta Progress and the Atlanta Downtown Improvement District. “With major renovations and redevelopments underway at iconic activity centers like Peachtree Center, we are bearing witness to an exciting new chapter for Downtown, one embraced by the community at large.”
Even before the renovation commenced, Peachtree Center has activated the property with community placemaking initiatives like the weekly Green Market, which features local fresh food purveyors, an Atlanta Falcons pep rally and Business Bites in partnership with Central Atlanta Progress. The development has embraced a Relay Bike Share and new bike path, advocating for commute options for its office workers. This year, Peachtree Center also welcomed Atlanta Regional Commission and Literacy Action as new tenants.
For the latest information on construction progress, stay tuned to peachtreecenter.com/renovation.
About Peachtree Center:
Peachtree Center, developed by renowned architect John Portman, is an office, retail and dining destination in the heart of Downtown Atlanta. Comprised of six high-rise buildings and The Hub, Peachtree Center is centrally located over a MARTA station and adjacent to three hotels accessible by pedestrian bridges. Miami-based Banyan Street Capital recapped Peachtree Center in 2014 after a nine-year association with the property. For the latest information on Peachtree Center, visitwww.peachtreecenter.com and engage with Peachtree Center on Twitter, Instagram andFacebook.
About Banyan Street Capital
Banyan Street Capital is a private equity firm focused on acquiring and managing office properties directly or in joint ventures with institutional capital partners. With a concentrated presence in the Eastern United States, the company capitalizes on the team’s experience and expertise to remain at the forefront of today’s emerging economic growth and investment strategies. Banyan Street Capital’s mission is to implement strategies that add value and deliver high risk-adjusted returns to its investors. More information about Banyan Street Capital is available at banyanstreet.com.