Georgia-Pacific nixes plan for mixed-use redevelopment in downtown Atlanta

ATLANTA, Ga. (Atlanta News First) — A plan to transform one of Atlanta's most recognizable skyscrapers has been canceled. In 2024, Georgia-Pacific announced a project to turn its tower on Peachtree Street in downtown into a mixed-use development with apartments. PREVIOUS COVERAGE: Georgia-Pacific unveils plans for historic mixed-use redevelopment in downtown Atlanta On Monday, the company said the plan had been scrapped. Georgia-Pacific said high construction costs and challenging overall market conditions got in the way of the redevelopment project. 'Georgia-Pacific has made the decision to discontinue the redevelopment,' Suzanne Maynard, head of real estate redevelopment for the company, said in a statement. 'We have invested significant time, capital, and resources to bring this project to life, but higher construction costs and broader market headwinds changed the economic viability of the project at this scale.' Maynard added the company is instead 'focusing our resources on critical infrastructure improvements, modernized building systems, and upgraded amenities – including dining options, outdoor workspace, and upgrades to our work-place technology, and we will continue to focus on making sure employees are in an environment where they can create value.' The proposed development would have included more than 400 apartment units on the top floors, office space, and about 125,000-square-feet of retail, restaurant and entertainment space. Plans also included 2,100 parking spaces.