Source: WXIA (click here for footage)
Los-Angeles based CIM Group recently bought four buildings and a 5-acre parking lot from Norfolk Southern in a deal reportedly worth $25 million.
The buildings are located along Ted Turner Drive with the parking lot abutting The Gulch; an abandoned rail yard that sits below grade near Philips Arena and Mercedes-Benz Stadium.
CIM could be negotiating with Norfolk Southern to purchase a large tract within The Gulch.
Atlanta Business Chronicle reporters Amy Wenk and Doug Sams see this latest transaction as part of a larger plan to connect several disparate locations into a mixed-use, walkable district.
One of those locations is the historic Castleberry Hill.
It was formerly an industrial area replete with numerous warehouses dating back to the turn of the century.
Castleberry Hill today is a vibrant community with trendy offices, residential lofts and plenty of recreational fare, all stemming from a comprehensive redevelopment plan that began in the late 1990’s.
It’s thought the Nelson Bridge, which sits behind the Norfolk Southern buildings, could be made into a pedestrian bridge that connects Mercedes-Benz Stadium, Castleberry Hill, and other parts of historic downtown.
Crystal and the crew discuss these and other development projects taking shape as Terraforming Trends looks at the Reimagining of Downtown Atlanta.