Exciting Developments on the Horizon for Atlanta’s Underground
Atlanta is buzzing with new plans that could give a major boost to its iconic Underground Atlanta. In a move that has the potential to transform the downtown landscape, the owner of Underground Atlanta has announced plans to build a stunning $160 million mixed-income residential tower. This will be the first new construction at this historic site in decades, with lots of anticipation building around what’s to come!
The Vision: A New 30-Story Tower
Lalani Ventures, the company behind this ambitious project, has teamed up with Exact Capital to create a 30-story tower right at Underground’s fountain plaza. For those who may not be familiar with the area, this tower will find its home bordered by Peachtree Street to the west, Wall Street to the north, Pryor Street to the east, and Upper Alabama Street to the south. Talk about a prime location!
This new tower is set to include a total of 405 residential units. What’s even more exciting is that 163 of those units will be affordable for households that earn at or below 60 percent of the area median income (AMI). This commitment to affordable housing is a crucial step in addressing the growing need for such options in urban settings like Atlanta.
Building for the Future
Jacob Vallo, the chief investment officer of Lalani Ventures, shared a bit about the project’s focus on accessibility. “This building will be a high density, transit-oriented development across the street from Five Points MARTA Station, the busiest transit station in the city and the heart of the region’s public transportation system,” he said. This means ease of commuting for residents – a big win for anyone who battles traffic!
The design and engineering of the project will be managed by Niles Bolton Associates, an architecture firm based right in Atlanta. To help finance the affordable units, the board of Invest Atlanta recently approved an inducement for a $40 million tax-exempt bond issuance; they’re clearly backing this project’s mission. The board will have another opportunity to review it ahead of final approval before construction is set to begin next year.
Acknowledging Support from the Community
Shaneel Lalani, CEO of Lalani Ventures, expressed gratitude for the community’s support. “Going vertical allows us to build a beautiful new residential community in downtown Atlanta at Underground. This is part of our overall vision to create Atlanta’s top arts and entertainment community,” he said, highlighting a blend of life and leisure that’s inspiring for future residents and visitors alike.
Underground Atlanta has a storied past, serving as a cultural and entertainment hub since the early 1900s. The space encompasses multiple levels and spans four city blocks, making it a significant part of the city’s history and charm. With the purchase of Underground in 2020, Lalani Ventures is keen to restore and revitalize this iconic destination, and this residential tower is a step towards that goal.
A Thriving Community on the Way
David Trach, Senior Vice President of Development at Lalani Ventures, shared insights into the vision for the future. “We’ve been working hard at Underground to bring new life and energy downtown by focusing on the arts, creatives, performances, and events – celebrating Atlanta culture,” he stated. The addition of residences is not just a need but a natural progression for the area, aiming to create a dynamic community that showcases the best of Atlanta life.
As we look forward, it seems there’s a ton of promise on the horizon for Atlanta’s Underground! With construction expected to break ground before the end of 2025, it won’t be long before we see this initiative come to life, bringing with it a lively atmosphere and residential opportunities in the heart of the city.
