A four-team joint venture is seeking a low-interest federal loan to convert a downtown Atlanta office building into residential units. The Integral Group, The Atlantic Cos., T. Dallas Smith & Co. and Lalani Ventures are teaming up to transform the 1960s-era 2 Peachtree office building into 600 apartments, retail space, and office space. The loan, in the amount of $250 million, will take some of the risk of the project, one the city wants to meet its affordable housing needs. The project costs are expected to exceed $400 million.

The Atlanta Business Chronicle reports the project would be among the first office-to-residential conversions in the U.S. to leverage the loan program.

Originally a bank headquarters, the 44-story 2 Peachtree was later a state government building. Now, it is mostly vacant. At least 200 new affordable housing units would fill the tower.