Masquerade is staying put plus plans for student housing, multi-family.
Real estate investment company WRS, Inc. this week announced new details about the redevelopment of Underground Atlanta, including an agreement with the Masquerade to remain in its current location and new deals to build student and multi-family housing.
The newly-released plan shows 40,000 square feet of retail space on the site's southwest corner, designated "Block 4," where many of Underground Atlanta's long-term retail tenants have been relocated and continue to operate.
It will not be further developed.
The first construction will begin in early spring 2018 on "Block 3," the southeast section of the development that includes the Masquerade and Post-Office.
Construction will focus on the rehabilitation of existing buildings for a mix of retail, offices and communal spaces that "support a 24/7 lifestyle."
"Block 2," at the northeast corner of Pryor and Upper Alabama streets, will include student and multi-family housing developments from Peak Campus and Prestwick Companies, respectively.
Construction on this piece of the new Underground is expected to begin in fall 2018 with target completion dates in 2020 for the student housing and 2021 for the multi-family development.
The last section of the development, "Block 1," is described as "a vision for higher density hotel, office, retail and additional housing." This block will be built last and does not yet have a timetable for construction.
More news to come as this story develops.