Downtown Atlanta is set to see the erection of a new skyline feature with plans for a 30-story apartment tower at the Underground Atlanta site taking shape. The historic area, managed by Lalani Ventures in partnership with Exact Capital, will see its first significant development in years—a project that aims to blend commercial and residential use within the buzzing heart of the city. According to a statement made by FOX5 Atlanta, CEO Shaneel Lalani expressed the team's gratitude towards Invest Atlanta and the City of Atlanta for their support following a crucial vote yesterday.
Highlighting the blend of income levels that will be accommodated in this development, 163 of the 405 residential units are earmarked as affordable for households earning at or below 60% of the Area Median Income. Despite the income disparities, all residents will share the same amenities, a move that underlines the developers' commitment to equitable living experiences. Set to grace the plaza known for its iconic fountain, bordered by several of Atlanta's notable streets, the tower is designed by Niles Bolton, who is handling the design, engineering, and permitting of the project, as per Rough Draft Atlanta.
The groundbreaking for the $160 million development is optimistically scheduled before the end of 2025. The project represents a joint venture between two minority-owned firms: Lalani Ventures headed by Shaneel Lalani, and Exact Capital led by Craig Livingston and Michael Callaghan. Lalani remarked on Invest Atlanta's decision to issue a $40 million tax-exempt bond to finance the high-rise, stating, "Going vertical allows us to build a beautiful new residential community in downtown Atlanta at Underground," verbalizing his vision to establish a premier arts and entertainment community in the area, as reported by Rough Draft Atlanta.
Underground Atlanta has been undergoing gradual transformation since its acquisition by Lalani Ventures in 2020. New life and energy are being infused into downtown through arts, creatives, performances, and events. Senior Vice President of Development David Tracht conveyed the team's dedication to invigorating downtown by emphasizing the necessity for residences, which he described as "desperately needed downtown" and "a natural next step for Underground," according to remarks made to Rough Draft Atlanta. The location currently hosts a variety of tenants that cater to a diverse audience, including establishments such as LGBTQ restaurant/bar FUTURE and the Black woman-owned YELLE Beauty.
