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BUSINESS Retail • Projects • Profiles
Underground Atlanta sold to local
real estate investment company
By Collin Kelley
W RS, the South Carolina
development company
that purchased Under
ground 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.
Lalani plans to extend the nightlife and
energy created by the popular Masquerade
music venue in Kennys Alley by creating
outdoor patios and places for bands to
perform.
“We are passionate about Downtown
Atlanta and its future as a lively city center
with walkable streets and exceptional
entertainment,” Lalani said. “We look
forward to immersing ourselves in the
community and working with the brightest
minds in the business to bring the vision for
Underground Atlanta to life.”
Lalani said he would assemble a team
of top real estate experts to collaborate on
the project, including civil engineers, urban
planners, architects and JV partners. Fie is
also commissioning a feasibility study for
the district.
Lalani said he is open to exploring
partnerships with the right investors, but
intends to retain an ownership stake in each
parcel to ensure consistency throughout the
district.
According to the press release, Lalani
has worked in retail his whole life, starting
out as a store clerk, and he bought his first
real estate property in 2012. FFe has since
grown BFG’s real estate portfolio to more
than one million square feet of commercial,
retail and office space, with the vast
majority of properties located in Georgia.
The core business strategy for BFG is to
buy underperforming assets and add value
through renovations and leasing strategies.
Lalani is also the CEO of Lucky Fortune,
a coin operated amusement machine
(COAM) company, which is licensed by the
Georgia Lottery Corporation. [El
Popping Up
Entrepreneurs can showcase goods at two new pop-up shops
By Collin Kelley
Intown’s evolving retail landscape is
making way for two innovative pop-up
shops at high profile locations giving local
entrepreneurs the opportunity to showcase
their goods.
The Village at PCM
The Village at Ponce City Market — a
marketplace offering apparel, home goods,
body products and other goods from local
Black entrepreneurs — opened just before
the holidays at the Old Fourth Ward
shopping and dining destination.
Located on the Second Floor of
the Central Food Flail next to Root
Baking Co., the store features a modern,
minimalist look and showcases individual
brand identities. Makers include
Flairbrella, J. Dow Fitness, Abeille
Creations, Just Add FFoney Tea Compnay,
The Muted FFome, World of Unoia, Savoir
Faire, Miso Living, and more.
The shop was created by Dr.
Lakeysha Flallmon, creator of
The Village Market — an online
shopping hub and networking
site for Black-owned businesses
that has also become well-known
for its regular marketplace events
and weekend pop-ups at malls.
The Village Market now
reaches small businesses in
Continued on Page 16
14 January 2021 ina
AtlantalNtownPaper.com