Underground Atlanta’s owner, Lalani Ventures, is seeking a massive amount of $40 million from the city to build a development that would be added to the historic site, BisNow reports.
In collaboration with Exact Capital, the team would build a new, mixed-use apartment tower that would include 405 units of student, income-restricted, and market-rate housing, art incubators, and retail and public spaces. Lalani says the project, in total, would cost $160 million. A breakdown in financing includes a $22.5 million taxable construction loan and $7.5 million in federal and state tax credit equity, according to documents filed with Invest Atlanta.
It also projects $77 million in permanent financing, including more than over $55 million in federal and state tax credit equity…