Underground Atlanta, the 12-acre entertainment, shopping and food complex that sits adjacent Five Points MARTA station in the heart of downtown Atlanta, will be sold to a South Carolina developer for almost $26 million, the media reports.
Atlanta Mayor Kasim Reed sent out a news briefing stating that he will be joined by other major city leaders in making a major development announcement at Atlanta City Hall on Wednesday.
Reed spokeswoman Anne Torres sent out a memorandum that the mayor “will be joined by other city leaders to make an important economic development announcement.”
There are a number of possible developments the mayor could speak on at the scheduled press conference, including Turner Field, the Atlanta Civic Center and the defunct Fort McPherson Army Base.
However, it is interesting to note that, this past spring, the Atlanta City Council approved the mayor to to purchase the Underground’s current lease break to the tune $8.8 million from CV Underground, which managed the property.
The AJC is reporting that Underground has been sold to South Carolina developer WRS Inc., and that the Mount Pleasant-based company is expected to pump in between $150 to $200 million in investments to turn the multifaceted, subterranean complex into into mixed-use development with a grocery store and above-ground apartments.
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