Deal lays tracks for massive downtown project
When Los-Angeles-based CIM Group recently bought Norfolk Southern’smassive downtown Atlanta buildings, it laid tracks to develop a walkable, urban mixed-use project linking the new Mercedes-Benz Stadium and Philips Arena to the south downtown and Castleberry Hill neighborhoods.
The Norfolk Southern property’s sale was completed on Sept. 27, according to Fulton County property records.
CIM Group paid $25 million for the four buildings along Ted Turner Drive and a roughly 5-acre parking lot behind them that abuts “The Gulch.”
The buildings anchor the southern edge of a massive downtown development CIM Group is trying to assemble.
CIM is also likely negotiating with Norfolk Southern for the largest segment of The Gulch, a collection of parking lots and rail lines that sits between the Norfolk Southern buildings, the Falcons stadium and Philips Arena.
The talks were confirmed by multiple sources.
CIM Group’s entire redevelopment could stretch across much of The Gulch. And, the Nelson Street Bridge that crosses the abandoned parking lots behind the Norfolk Southern buildings may one day form an important pedestrian connection, linking the Stadium, Arena and Castleberry Hill to the federal jobs district and cultural landmarks of south downtown.
“It’s the urban land no one knows about,” Central Atlanta Progress President A.J. Robinson said of the parking lots.
The Nelson Street bridge, though currently closed, could be like the pedestrian bridge at Westside Provisions District, Robinson said.
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