Real Estate
ICYMI: Developer Buys Underground Atlanta for $25 Million
The site is under contract with a South Carolina developer, who wants to add residential units to the landmark shopping center.
A developer is under contract to purchase the 12-acre site of a popular and controversial downtown shopping mall and convert it into a mixed-use residential and retail project, the Atlanta Journal-Constitution reports.
According to the AJC, Mayor Kasim Reed will announce Wednesday that WRS Inc. Real Estate is under contract to purchase Underground Atlanta for $25.75 million. The AJC says the developers plan to construct a grocery store and not-at-all-underground apartment units.
In March of this year, the City of Atlanta bought out the remainder of Underground Atlanta’s 88-year lease for $8.8 million. At the time, Reed said the move was meant to “stop the bleeding on our balance sheet” and to transform the property along similar lines as the development of Ponce City Market.
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The AJC spoke with WRS’ president and CEO, who confirmed the deal and said he hoped to begin construction by 2016.
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