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The developer plans to turn Underground Atlanta into a mixed-use development with more retail options and above ground apartments, with total investments of $150–$200 million. [29] [30] The sale was completed in March 2017, [31] and the lower level closed to the public on August 13, 2017. [32]
The project was named for Alonzo F. Herndon, who was born a slave, and through founding the Atlanta Life Insurance Company became Atlanta's richest African American. [36] [37] On June 15, 2016, Atlanta Housing Authority announced a development team has been selected to create a mixed-use mixed-income community on the site, "Herndon Square". [38]
[2] [3] In 1913, the Ponce de Leon Apartments officially opened. [1] The building was designed to have several large apartment units on most floors, with the top two floors reserved for bachelor apartments. [2] [3] Additionally, the building housed Atlanta's first penthouse when it was built on the roof of the building in 1932.
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In April 2013, it made a $100-million-plus purchase of 1,400 Atlanta homes from Building and Land Technology. [7] From August 2012 to June 2013, Invitation Homes purchased 1,650 homes in the Tampa Bay Area for over $250 million. [8] In June, 85% of Tampa Bay online listings by Invitation Homes were above the area's average rent of $1,200. [8]
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