The first ground-up residential building of the long-promised Five Points housing wave is inching closer to construction. Invest Atlanta this month approved $2 million in Eastside Tax Allocation District funds toward "Five Peachtree Senior" — a 65-unit rent-capped senior building rising against an existing parking garage at Peachtree and Wall streets, one block from Underground Atlanta.
Total project cost pencils out to $32.5 million. The development team is targeting an 18-month build with a 2027 opening.
The new name replaces the "1 Peachtree" placeholder the project has carried since it was first proposed in 2022. Development partners are unchanged: Underground Atlanta owners Lalani Ventures, The Integral Group, The Atlantic Companies, and office leasing firm T. Dallas Smith and Company. Urban Momentum Inc. is now the ownership entity of record.
Units will be restricted to residents age 62 and older, with amenities that include a fitness center, clubhouse with meeting rooms, and a computer center. Ground-floor retail is included in the program — a piece Invest Atlanta's project summary calls a contribution to "an active, inclusive, and vibrant downtown community."
Five Peachtree Senior is meant to serve as the leading edge of a much larger residential injection into Five Points. Across the street sits 2 Peachtree, a 44-story former office skyscraper that the same team plans to convert into a mix of affordable housing and commercial space. Building permit applications were filed last year, but the conversion has not moved forward. A separate Lalani Ventures proposal from 2024 — a 30-story, 400-plus-unit tower on Underground's doorstep — remains held up on financing, according to CEO Shaneel Lalani.
Financing partners on the senior building read like a who's-who of affordable-housing lenders: Georgia Department of Community Affairs (tax credits), Boston Capital and Atlanta Housing (construction/permanent lenders), and Enterprise as the federal/state LIHTC investor, alongside the Atlanta Development Authority's TAD funds.
The pitch is walkability. Placing seniors within a short block of the Five Points MARTA station and the retail spine along Peachtree Street is intended to reduce car dependence while thickening a downtown neighborhood that has struggled for decades to hold residents after dark.
Original reporting: Urbanize Atlanta (May 14, 2026)
