ATLANTA — Billionaires Funding Group (BFG) has acquired Underground Atlanta, a four-block mixed-use property in south downtown Atlanta. The Atlanta-based firm acquired the historic property from WRS Inc. for an undisclosed price.
Underground Atlanta is situated between Alabama, Pryor, Central and Wall streets. BFG plans to redevelop the 400,000-square-foot asset in phases. Phase I will focus on Block Two, which will comprise multifamily units, ground-level retail and parking. The other phases will include building out retail, restaurant, entertainment and gathering spaces. Shaneel Lalani, CEO of BFG, is leading the acquisition and redevelopment of the asset, with plans to collaborate with civil engineers, urban planners, architects and potential joint venture partners. BFG intends to retain ownership in each parcel to ensure consistency throughout the project. In addition, BFG owns Alabama Street and plans to convert it into a walkable streetscape.
WRS acquired Underground Atlanta in late 2014. The Mount Pleasant, S.C.-based company began construction on a 351-room Yotel-branded hotel at the site this summer.
Other attractions surrounding the property include Mercedes-Benz Stadium, State Farm Arena and CIM’s $5 billion Centennial Yards development. A timeline for construction was not disclosed.
Lalani is also the CEO of Lucky Fortune, a coin-operated amusement machine that is certified by the Georgia Lottery Corp.