ATLANTA — Lalani Ventures, owner of Underground Atlanta, announced they’d be building a new mixed-income tower at the historic landmark.
In partnership with Exact Capital, Lalani Ventures is planning to add a 30-story tower at the location, which they say will be the first new development at the site in decades.
On Thursday, Invest Atlanta’s board voted to approve a $40 million tax-exempt bond issuance for Underground Atlanta’s new tower as assistance to finance 163 affordable housing units at the mixed-income tower.
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“Having opened my clothing store, Rowdy, at Underground in the ‘90s, it’s great to see the iconic destination’s entertainment, music and arts come back, complemented with this new mixed-income housing building. That will be a game changer for the area,” Dallas Austin, the Grammy award winning R&B, hip hop, pop and rock producer, 2019 Songwriter Hall of Fame Inductee, film producer and the founder of Rowdy Records, said of the news.
In total, the building will have more than 400 housing units inside.
“The Invest Atlanta board will have an opportunity to review the project again before providing its final resolution in advance of the project closing on its construction loan next year,” a representative for Lalani Ventures said in a statement.
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The full cost of the venture will be an estimated $160 million, with Lalani Ventures and Exact Capital leading development through a joint venture partnership.
“We think this will be the most impactful joint venture in downtown Atlanta,” Craig Livingston, Exact Capital’s Managing Partner, said.
For the 163 affordable units, households at or below 60% of the area median income in Atlanta will be eligible for residence. All of the units in the tower will share the amenities, according to the announcement.
“We’re grateful for the support of Invest Atlanta and the City of Atlanta. The vote on Sept. 19 was an important step in the process. Going vertical allows us to build a beautiful new residential community in downtown Atlanta at Underground,” Lalani Ventures and Underground Atlanta owner Shaneel Lalani said. “This is part of our overall vision to create Atlanta’s top arts and entertainment community. Having residents live right here will create more vibrancy for this beloved property with historic roots, which in turn will have a great impact on downtown Atlanta.”
The companies expect to break ground on the new tower before the end of 2025.
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