New 30-story apartment tower planned at Underground Atlanta

ATLANTA - A new high-rise is coming to Underground Atlanta.

On Thursday, the historic site's owner, Lalani Ventures, announced that it has signed a joint partnership with Exact Capital to build a new 30-story tower at Underground's fountain plaza.

The construction project would be the first new build development at the site in decades.

The companies say the project would be a mixed-use space that would include dining, retail spaces, and entertainment venues.

Invest Atlanta's board approved a $40 million tax-exempt bond issue on Thursday to help finance 163 affordable housing units, which would be part of the 405 units in the town. All units will share the same amenities.

A rendering of the new tower. (Lalani Ventures)

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"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," CEO 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."

Developers hope to break ground on the $160 million tower before the end of 2025.