Source: Urvaksh Karkaria, Atlanta Business Chronicle
A proposed $1 billion redevelopment of downtown Atlanta, said to be the city’s primary site pitched for Amazon’s second headquarters, aims to create a "vibrant urban walkable district."
Los Angeles-based CIM Group plans to develop 9.35 million square feet of office and 1 million square feet of retail space in the "Gulch," near CNN Center and Philips Arena. CIM's plans also call for a hotel and apartments. A key principal of the CIM Group is Richard Ressler, the brother of Tony Ressler, the majority owner of the Atlanta Hawks.
The vision of the proposed 27-acre redevelopment, which could include at least six office towers, was presented to the Downtown Atlanta Development Review Committee on Thursday.
Early plans call for 18 development parcels, including three residential towers, according to public documents. The office parcels would range from 8,000 square feet to 84,000 square feet.
Site work on the project could begin in 12 months, with full buildout about a decade away.
“The vision for the project is to create this vibrant urban walkable district in the core (of Atlanta),” Chris Sciarrone with project architect Perkins+Will said Thursday. "The opportunities here are tremendous."
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