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Underground Atlanta talks continue despite missed sale deadline

February 21,2017

Source: Leon Stafford, The Atlanta Journal-Constitution


 

Almost a month after Atlanta Mayor Kasim Reed set a deadline to seal a deal for Underground Atlanta, the downtown property’s fate is still up in the air.

South Carolina-based WRS Real Estate has been working with the city to purchase the Atlanta attraction for $34.5 million, but complicated transactions on some of the parcels have held up movement on the deal, the city and WRS officials say.

When asked for a timetable for when the process might be completed, Kevin Rogers, a development officer for WRS, declined to give one.

“All I can say is as soon as possible,” he said. “That’s the goal for us and the city.”

Underground, which is credited as being the original cross streets of Atlanta, once was one of the city’s biggest tourist draws and featured such retail stores as Victoria’s Secret, the Gap and Eddie Bauer, and famed jazz club Dante’s Down the Hatch.

But, as with past revivals, Underground has struggled over the past decade as visitors dwindled due to perceptions of increased crime there. And promises of development nearby to create foot traffic — Georgia State University once considered to build dorms near the site — never materialized.

Reed has said he wants to return Underground to its former glory before he leaves office at the end of this year. And he is anxious to add another win to his tenure after supporting the successful redevelopments of Ponce City Market and The Shops Buckhead Atlanta.

“Ponce City Market didn’t just happen, Buckhead Atlanta didn’t just happen. They were made to happen,” he said earlier this month during his last “state of the city” address.

Reed had set a Jan. 31 deadline for WRS to sign a deal, but backed off the day of the deadline because of good faith efforts by the company.

“Right now everybody is working as close to the deadline as possible,” Reed said. “I shouldn’t be unreasonable solely because I said the 31st.”

Read the complete article at the link above.