UrbanizeAtlNewsBot

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New details, glimpses emerge for Underground Atlanta sky-rise Josh Green Fri, 09/20/2024 - 08:10 It’s been a seismic week for urban-planning news around Atlanta, especially in downtown, and chief among those happenings is confirmation that hundreds of new residences are bound for Underground Atlanta in the district’s first large-scale, ground-up development in decades.

Following an Invest Atlanta vote Thursday that project leaders call crucial, the development team behind the 30-story proposal at Underground shed more light on where the tower stands today—and how it will look and function, should timelines go according to plan, sometime in 2027.

The 405-unit project is a joint venture between Underground owner Lalani Ventures and Exact Capital, a New York City-based real estate firm whose other work in Atlanta includes the nearly finished Skyline apartment building near the Beltline’s Southside Trail.

The tower’s 76 Wall St. site—bordered by Peachtree Street to the west, Wall Street to the north, Pryor Street to the east, and Upper Alabama Street to the south—is at a section of Underground called fountain plaza, across the street from two parking decks. The site is also steps from MARTA’s Five Points station, Atlanta’s largest and busiest transit hub, but contrary to ATL urbanist wishes, the tower won’t be totally bereft of new parking.

Closer look at the 76 Wall St. proposal’s base floors. (We’ve asked for clarification on which cross-streets these are and will relay any details that come.)Designs, Niles Bolton Associates; courtesy of Underground Atlanta.

According to Jacob Vallo, Lalani Ventures’ chief investment officer and a former MARTA executive, the Underground tower’s plans call for a “well below market parking-to-unit ratio” that will bank on “phenomenal transit access and the walkability of downtown,” according to an announcement issued by Underground officials.

The mixed-income tower, for now, is still considered to be in planning phases led by Lalani Ventures and Exact Capital. Atlanta-based architects Niles Bolton Associates are handling design, engineering, and permitting. The firm’s recent work in Atlanta includes the posh student-housing tower Whistler near Georgia Tech and a mixed-use, Novel-branded proposal in Blandtown.

Underground owner Shaneel Lalani, Lalani Ventures CEO, and Craig Livingston and Michael Callaghan of Exact Capital have estimated the tower will cost $160 million to develop.

Invest Atlanta’s board this week approved an inducement for a $40 million tax exempt bond issuance that project leaders say will help the project pencil out with below-market apartments baked in. (That’s more than Lalani paid for the entire Underground property in 2020.) Before the project closes on its construction loan, which is predicted to happen sometime next year, the same board will have another opportunity to vet the project before giving a final resolution, according to Underground reps.

Planned location of the 30-story Underground Atlanta residential tower, next to main plazas and fountains. Google Maps

Plans call for 163 of the 405 apartments to be reserved as affordable housing for renters earning 60 percent or less of the area median income. All apartments will be housed in the same tower structure, sharing the same amenities.

Lalani Ventures and Exact Capital’s timeline calls for breaking ground on the building by the end of next year, which means construction should be well underway by the time FIFA World Cup crowds flock into Atlanta in summer 2026.

Nearby, Lalani is also planning to convert two-thirds of the One Park Tower he owns at 34 Peachtree St. into housing.

Nearly four years after Lalani scooped up the historic, 400,000-square-foot complex spanning 12 downtown acres for $31.6 million, he says an arts and retail-focused “renaissance” is afoot.

As seen in July, the 76 Wall St. building where the residential tower is planned at Underground Atlanta’s northern edge. Google Maps

Underground’s growing tenant rosters includes newer additions such at Atlanta Comedy Theatre, Insomnia Night Club, Utopia Restaurant Bar & Lounge, speakeasy and theater Pigalle by Paris on Ponce, and The Frisky Whisker ATL, described as an “eclectic sound gallery and listening lounge and cafe, featuring dozens of friendly cats.”

Seven art galleries are operating at Lower Underground, with two more at Upper Underground, and The Masquerade music and events venue is on pace to host 700 shows this year. Beloved Atlanta nightclub MJQ Concourse is also completing renovations now on the former Dante’s Down the Hatch space, according to Lalani.

“This [apartment tower] is part of our overall vision to create Atlanta’s top arts and entertainment community,” Lalani said in a statement. “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.”

Designs, Niles Bolton Associates; courtesy of Underground Atlanta.

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