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Old 12-17-2014, 05:46 AM
 
Location: Kirkwood
22,177 posts, read 16,180,310 times
Reputation: 4903

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Quote:
Originally Posted by ATLTJL View Post
I agree with Arjay.

A Publix, Target, Best Buy, PetsMart, etc. would actually be much needed in that area. All they have to do is develop them properly, and we've seen good models for how to do that.
Yes, look at urban stores in seattle or dc for examples.
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Old 12-17-2014, 07:06 AM
 
Location: Downtown Atlanta
112 posts, read 138,594 times
Reputation: 131
Quote:
Originally Posted by toll_booth View Post
If they do put a grocery store in or near Underground, I'd like to see something like the downtown Decatur Kroger: a cozy store that still has what you need.
or the Kroger that was across from Atlanta City Hall from 1996 to 2005.
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Old 12-17-2014, 08:13 AM
 
27,785 posts, read 24,814,471 times
Reputation: 16505
Quote:
Originally Posted by ATLTJL View Post
I'm concerned that the developer is an entity from the middle of nowhere in South Carolina with what sounds like no real experience in urban development.
Mount Pleasant is a rapidly-growing area of metro Charleston--hardly the "middle of nowhere."
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Old 12-17-2014, 09:27 AM
 
9,918 posts, read 6,909,650 times
Reputation: 3022
Press conference was supposed to start at 10:30am. But I have not seen any news on it yet. Anyone?
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Old 12-17-2014, 09:39 AM
 
Location: O4W
3,744 posts, read 3,536,248 times
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A movie theater, 24 hour grocery store, Best Buy, a huge department store, a few bars, etc are needed
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Old 12-17-2014, 09:49 AM
 
9,918 posts, read 6,909,650 times
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Atlanta could clear $10 million from sale of Underground Atlanta | SaportaReport

Quote:
Atlanta could clear about $10 million from the sale of Underground Atlanta if the deal goes through as expected.

Atlanta owes about $15.5 million on the loan it took out to develop Underground Atlanta, according to EMMA, an official repository of information on city securities. The sale price has been estimated at $25.75 million.

In addition to eliminating the annual debt payment, the sale of Underground would cut out about $3 million of additional expenses the city pays annually, according to the city’s budget for the current Fiscal Year 2015.
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Old 12-17-2014, 10:43 AM
 
9,918 posts, read 6,909,650 times
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Reed: Sale of Underground Atlanta

Underground Atlanta sold to WRS for $25.8 million - Atlanta News, Weather, Traffic, and Sports | FOX 5

Quote:
Mayor Kasim Reed says the sale of Underground Atlanta to a South Carolina developer “represents a new day” in the history of the long-struggling shopping center and for downtown Atlanta.

“It’s sometimes easy to forget that Underground Atlanta was once a thriving center for entertainment, dining and nightlife. It also happens to be the place where the city of Atlanta started,” Reed said during a press conference on the sale. “Today represents a new day. Underground Atlanta will once again attract consistent and diverse patronage.”

The Atlanta Journal-Constitution first reported on Tuesday that Mount Pleasant-based firm WRS Inc. is under contract to purchase the nearly 12-acre underground site for $25.75 million.

Developer T. Scott Smith plans to convert the struggling center into a mixed-use development with a grocery anchor and apartment homes in coming years.

The city and WRS anticipate closing on the deal in mid-2015, Smith said, with construction to begin by 2016. Smith said he expects a total investment of $150 million to $200 million in the project.

Reed said the funds will pay off the $8.8 million the Atlanta City Council approved to buy out CV Underground, which has 72 years left on its lease to manage the site, and pay off the remaining bond debt.

“You all saw Underground. It was never going to change. It was never going to have (hundreds of millions in investment) and the city was never going to put that much money in it again,” he said.

Reed said WRS is “committed to making Underground Atlanta a place people can live and shop every day, instead of a place they visit once in awhile.”
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Old 12-17-2014, 10:57 AM
 
9,918 posts, read 6,909,650 times
Reputation: 3022
Press Release: City of Atlanta, GA : Press Releases : Mayor Kasim Reed Announces Sale of Underground Atlanta
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Old 12-17-2014, 11:21 AM
 
28,148 posts, read 24,679,387 times
Reputation: 9544
Fantastic news!

Now let's start fixing some potholes!!

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Old 12-17-2014, 11:52 AM
 
Location: Georgia
4,946 posts, read 3,997,094 times
Reputation: 2750
The CoA is going to clear all its Underground debt AND pull a profit on the sale? Wow. Well played, Mr. Reed, well played.
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