ATLANTA — Locally-based Lalani Ventures has formed a joint venture with New York-based Exact Capital to develop a $160 million high-rise project located in the Five Points neighborhood of Atlanta. The tower will comprise 405 apartment units across 30 stories. The unit mix will include 163 affordable housing units that will be restricted to households earning at or below 60 percent of the area median income, as well as 242 market-rate apartments.
The tower will be situated within Underground Atlanta, a shopping and entertainment district in downtown Atlanta that is owned by Lalani Ventures. The site is situated at Underground Atlanta’s fountain plaza, which is bordered by Peachtree Street to the west, Wall Street to the north, Pryor Street to the east and Upper Alabama Street to the south.
The board at Invest Atlanta, the City of Atlanta’s economic development arm, has approved an inducement for a $40 million tax-exempt bond issuance to finance the development of the affordable housing units at the community. The board will have an opportunity to review the project again before providing its final resolution in advance of the joint venture closing on its construction loan next year.
Lalani Ventures and Exact Capital are currently in the planning and design phases for the project. Architectural firm Niles Bolton will handle the design, engineering and permitting. The co-developers expect to break ground on the tower before the end of 2025.