Invest Atlanta's Urban Residential Finance Authority gave preliminary approval Thursday to finance a multifamily, mixed-income apartment tower at the city's historic Underground Atlanta shopping and entertainment district in the Five Points neighborhood.
The approval of the first phase of the Underground Atlanta project signals the board's intention to issue a loan of tax-exempt financing of up to $40 million. The apartment tower will feature 163 affordable housing units at 60% or below the area median income — income limits of $45,180 a year for a one-person household, or $51,600 for a two-person household.
Developers say the tower will have studio apartments priced at $971, one-bedrooms at $1,052, and two-bedrooms at $1,225. Developers Exact Capital Group and Lalani Ventures, which owns Underground Atlanta, are partnering on the project. Their redevelopment plan features mixed-income housing, student housing, art incubators, retail, and public spaces across four million square feet.
Exact Capital managing partner Craig Livingston noted the tower's proximity to the MARTA Five Points station and expressed hope that "this really ignites downtown development." Developers will next seek tax credits from the Georgia Department of Community Affairs, with final board approval expected in 2025 and phase one completion planned for 2027.
Mayor Andre Dickens, who chaired the Invest Atlanta board meeting, said a total of 1,668 affordable housing units received preliminary approval that day, including other projects such as Sweet Auburn Grande and Cosby Spear Highrise.
Source: The Atlanta Journal-Constitution
