12-acre downtown entertainment property worth $25.75 million to SC buyer.
Atlanta Mayor Kasim Reed at press conference planned for Wednesday will reportedly announce the sale of Underground Atlanta, according to the Atlanta Business Chronicle (ABC).
South Carolina-based WRS Inc. could have the property under contract with City of Atlanta for $25.75 million and could redevelop the mall into a mixed-used project of retail and housing, according to the report.
Mayor Reed earlier this year announced the city was in search of a buyer for the 12-acre downtown entertainment property with a “vision is to turn Underground into a residential living room.”
Read the rest of the ABC’s report here.
Developing…
Photo: PhoAcrossAmerica.com
3 Responses
So glad to see something happening with this. Though I thought it would be interesting to make this an outlet mall in the city, I am happy with the mixed use development as well.
Cool. I’m excited to see the revamp. It is greatly needed in that area. That means the property value surrounding the underground will go up as well. And that means new everything.. sounds good
Hurray, i own a condo at the five points corner metropolitan bldg. I’m holding on to my property, I’m gonna see this revamp through.