Underground Atlanta sold to local real estate investment company

By Collin Kelley

WRS, the South Carolina development company that purchased Underground Atlanta in 2017 with plans to transform it into a mixed-use development, has sold the property to a local real estate investment company.

A press released announced that Shaneel Lalani, CEO of Billionaires Funding Group (BFG) and Lucky Fortune, is acquiring Underground Atlanta “with plans to maximize the potential of the historic entertainment destination and connect the storied district with the investment and growth happening in Downtown Atlanta.”

Work stalled on the project before the coronavirus pandemic began, but WRS told INtown last summer that it planned to resume modifications to existing space in the autumn. In 2019, WRS had announced that a hotel, LGBTQ-centric nightclub, and apartment complex would be built at Underground, but those projects never came to fruition.

Lalani said the multi-phased redevelopment completed around the four blocks of the property – Pryor, Central, Wall and Alabama streets – would initially include multifamily residential, street-level retail and structured parking.

Future development will include “engaging street-level retail, restaurant and entertainment concepts.” Alabama Street will be transformed into “an activated, walkable streetscape.” Lalani said security would be a top priority.