Lalani Ventures and Exact Capital have joined forces to develop a mixed-use, mixed-income project at Underground Atlanta. The project, with an estimated cost of $160 million, is being spearheaded by Lalani.
Located in the Five Points neighborhood of the city, Underground Atlanta is a popular shopping and entertainment destination. As part of this development, 163 out of the total 405 units will be designated as affordable housing. To support this initiative, the city has provided a $40 million incentive.
The affordable units in the 30-story tower will be available to households with incomes at or below 60% of the area median income and will have access to all amenities offered by other units in the building. Construction for this project is expected to begin by next year.
In addition to this venture at Underground Atlanta, Lalani was recently announced as one half of a joint venture that plans on converting an office highrise into apartments along with retail space in Atlanta.
