Georgia-Pacific has canceled plans to redevelop one of the most recognizable skyscrapers in Atlanta, Georgia, in the United States, citing high construction costs and challenging market conditions.
The company announced the redevelopment project in 2024, proposing to transform its tower on Peachtree Street in downtown Atlanta into a mixed-use development that would include residential units.
On Monday, Georgia-Pacific confirmed that the project would no longer move forward, saying the increase in construction costs and broader market conditions had affected its economic viability.
“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.”
Instead of proceeding with the redevelopment, the company said it will direct resources toward improvements to the existing building.
Maynard added that Georgia-Pacific is “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 canceled project was expected to include more than 400 apartment units on the tower’s upper floors, along with office space and approximately 125,000 square feet of retail, restaurant and entertainment areas. The plans also called for 2,100 parking spaces.
