ATLANTA — Office-to-residential conversion projects are in the works in Downtown Atlanta.
Like high-rise 2 Peachtree St., purchased by the city early last year, financial support from the public sector will likely be necessary to make the projects a reality.
11 Downtown buildings possible candidates for conversion
Marilynn Davis, with HR&A Advisors, released initial details of a new study that analyzed just over 100 buildings across Downtown. Her work found that those office buildings had to reach at least 70% vacancy before it made economic sense to convert them to residential use.
Approximately 11 commercial properties have vacancy that high or could within five years. Those properties make up about 23% of all vacant Downtown office space.
However, many additional characteristics beyond vacancy must also be factored in before developers would likely pursue a conversion, the study showed.
Davis presented her findings during a Central Atlanta Progress community meeting on Wednesday. The new study is set to be released next week.
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