A rendering of the new tower at the corner of West Peachtree and 5th Street in Technology Square. (Courtesy Georgia Tech).

A groundbreaking ceremony was held Thursday afternoon for a new multi-story tower at Technology Square in Midtown

The 40,000 square foot complex will sit at the corner of West Peachtree and 5th Street – currently a parking lot – across from the Biltmore Hotel.

According to a social media post, the building will be the new home of Georgia Tech’s Scheller College of Business and the top-ranked School of Industrial and Systems Engineering.

This new project will also include a large plaza with street-level retail and an underground parking deck. The building is being designed by Eskew Dumez Ripple and RJTR Design.

A groundbreaking ceremony for the new tower was held Oct. 20. (Courtesy Georgia Tech)

Collin Kelley is the executive editor of Atlanta Intown, Georgia Voice, and the Rough Draft newsletter. He has been a journalist for nearly four decades and is also an award-winning poet and novelist.