Owner-operator of commercial real estate CP Group recently secured redevelopment financing for one of the most recognizable commercial real estate properties in downtown Atlanta — the CNN Center, now rebranded as The Center (The CTR).

Investment firm Peachtree Group originated the $56.4 million in Commercial Property Assessed Clean Energy (C-PACE) financing toward the recapitalization and redevelopment of the property.

Located at the center of Atlanta’s Sports and Entertainment District, The CTR is directly connected to State Farm Arena, MARTA and the Omni Hotel. The property is also located within close proximity of the Mercedes-Benz Stadium, Centennial Olympic Park, the Georgia World Congress Center and the Georgia Aquarium, as well as the rapidly evolving Centennial Yards district.

Originally built in 1975 for office use, the property has since gone through a partial conversion that resulted in a mix of 920,000 square feet of rentable downtown Atlanta office space and about 100,000 square feet of retail.

Now, the ongoing transformation of the approximately 1-million-square-foot, mixed-use property is one of the largest urban redevelopment and repositioning projects currently underway in Atlanta.

Project work includes revitalizing the property’s expansive retail atrium, installing large-scale digital media displays, modernizing building systems and preparing office space for future tenants. The C-PACE financing supports eligible improvements, including HVAC systems, glazing, lighting, plumbing infrastructure, LED media displays and related project costs.

“This financing demonstrates how C-PACE has evolved into a powerful capital solution for large-scale redevelopment projects that are remaking cities and repositioning landmark assets for the future,” said Jared Schlosser, head of originations and C-PACE for Peachtree Group. “The CTR is not only one of Atlanta’s most recognizable properties, but also one of the most important redevelopment opportunities in the Southeast. We are proud to provide financing that supports the property’s next chapter and contributes to the continued revitalization of downtown Atlanta.

“Atlanta continues to attract investment, population growth and corporate expansion, creating opportunities to reimagine many of the city’s most important properties,” Schlosser continued. “Peachtree is proud to play a role in shaping the future of Atlanta through transformative projects that enhance the city’s competitiveness, strengthen downtown and support long-term economic growth.”