Underground Atlanta owner Lalani Ventures has partnered with Exact Capital to build a 30-story apartment tower at the Downtown landmark. The tower will be the site’s first new development in decades,

The owner of Underground Atlanta has his sights set on a multi-million dollar development — above ground. Shaneel Lalani, owner of Underground Atlanta and Lalani Ventures and Exact Capital Group, is pursuing a 30-story mixed-use tower that will include roughly 400 units of affordable housing.

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 Georgia-Pacific office tower, the pink-granite pillar in the Downtown skyline, could bring much-needed residents to a pocket of Peachtree Street dominated by offices and hotels. Why it matters: The paper-towels-and-everything-else company's plan to turn the upper floors of its 51-story building into more than 400 apartments is a high-profile rethink of Atlanta office spaces in a post-pandemic world.

Georgia-Pacific said it will transform its iconic 51-story downtown Atlanta headquarters into a mixed-use development. The project will include 400+ high-rise apartments, offices, and a 35,000-square-foot plaza.