Source: Douglas Sams, Atlanta Business Chronicle
WRS bought Underground Atlanta in 2017. It has since shifted some of its original plans and has continued to meet with community leaders about how the project should be developed.
Its timing seems good. Few neighborhoods anywhere in the country are poised for a greater metamorphosis than Atlanta’s historic South Downtown, with roots dating back to the commercial beginnings of the city. It has more than $1.5 billion worth of new projects in the works, including Underground Atlanta and the proposed $400 million development of “The Gulch,” a collection of railroad lines and vacant parking lots that once formed an important railway hub for the Southeast.
Newport U.S. RE also has sweeping plans for several dozen buildings and parking lots along Peachtree, Mitchell and Broad streets. It recently bought 222 Mitchell Street, a collection of tank-like buildings that sat vacant for years. The property could be remade into housing, retail space and office space, and a hotel.
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