Underground Atlanta tries to bounce back (Tucker, Duluth: rent, tenant, income)

[DunwoodyPanhandle]

I say shut it down until the area around it has revitalized. As long as the area surrounding remains a blighted eyesore, replete with the fresh scent of human urine, investing in Underground would be a mistake. Only when the area around it is cleaned up can Underground "bounce back."

[rackensack]

Originally Posted by DunwoodyPanhandle

There is also a theory going around that Underground was doing fine until it was set afire during the Rodney King riots in 1992. I was very young at the time, so I cannot confirm how much damage that event did to Underground's reputation among suburbanites. However, via the sometimes-suspect Wikipedia page:




LA Riots Spread to Atlanta - YouTube

Didn't help any, but honestly I don't regard that as a major factor -- the causes for the decline were already there. Despite everyone's best hopes and plans, it just didn't generate enough initial momentum to overcome all the various things that dragged it down. The Olympics provided a boost that kept it going longer than it might've otherwise, but even in 1996 Underground operated at a loss for the year. It might just have been two decades early. If you froze it in time in June 1989 just before it reopened, and moved it into 2012, it might play out differently, now that GSU is a much bigger presence downtown and there are more people living nearby, but we'll never know.

[tonygeorgia]

I thought our mayor wanted to turn it to an art district

[rackensack]

Originally Posted by MathmanMathman

As I said before, I'd turn it over to GSU to redevelop like GT did with Tech Square, but I'd put in a lot more dorms and make it more the focal point of GSU's social activities. Tech Square is good but still is a bit sterile. A GSU "Underground" could cater to college night life as in other "college towns". I mean if GSU is going for FBS status, they probably could use a tailgate/party area. I think the students would create the right kind of atmosphere to create a mini-college town in the middle of Atlanta which would be more inviting to tourists and other Atlantans.

I think in the abstract that has a lot to recommend it and is more likely to work than a lot of other possibilities. The problem is that the city can't just hand it over to GSU -- there are long-term lease (something like 77 years left) and management contracts that would have to be dealt with. And the city would be loath to give up any prospect of recovering any of the interest it has paid on the $85 million in municipal bonds issued to help fund the redevelopment of Underground (30 year bonds issued in 1986, meaning they have four more years to go before they mature -- meanwhile, they're costing the city about $8 million a year in interest with only about $400K in parking revenue to offset it).

[MathmanMathman]

Originally Posted by rackensack

I think in the abstract that has a lot to recommend it and is more likely to work than a lot of other possibilities. The problem is that the city can't just hand it over to GSU -- there are long-term lease (something like 77 years left) and management contracts that would have to be dealt with. And the city would be loath to give up any prospect of recovering any of the interest it has paid on the $85 million in municipal bonds issued to help fund the redevelopment of Underground (30 year bonds issued in 1986, meaning they have four more years to go before they mature -- meanwhile, they're costing the city about $8 million a year in interest with only about $400K in parking revenue to offset it).

That wouldn't surprise me, but with money from foundations, low interest loans, etc., it could happen.

[MathmanMathman]

Originally Posted by DunwoodyPanhandle

I'm not so sure a "party area" is a good idea, nor could it be sustained. However, Tech Square is not a party area and seems to be doing just fine, so I think that is the correct model. There is certainly room for dorms on the block of wasted space that is bounded by Peachtree/Pryor/Wall/Alabama streets. I would suggest to whoever does do the renovation that they remove the mall-ish, dated exterior facades added by Rouse and restore the area's grittiness and historic character.

Tech Square is not a party area as the fraternities and sororities are over the bridge. Plus there are no dorms or gathering areas in Tech Square. It has the College of Management, Georgia Tech Hotel, and buildings for research. There is retail including restaurants and some even serve alcohol, but I think something built on Underground for GSU could be more of a festive gathering place.

[arjay57]

What are the current perceptions of safety around Underground? It's hard to make things happen unless people feel safe.


This is from 1989 but it talks about the financial aspects of one of the city's earlier efforts to reestablish Underground. Have those bonds been paid off?

Atlanta Places Its Bets On a New Underground - New York Times


ETA: I guess the bonds have not been paid off. Apparently another $60 million was re-issued in 2009.

http://www.investatlanta.com/econoDe...Resolution.pdf

[rackensack]

Originally Posted by arjay57

What are the current perceptions of safety around Underground? It's hard to make things happen unless people feel safe.


This is from 1989 but it talks about the financial aspects of one of the city's earlier efforts to reestablish Underground. Have those bonds been paid off?

Atlanta Places Its Bets On a New Underground - New York Times

No, the bonds mature in 2016, and as of last year the interest was costing the city ~$8 million per year.

[shivtim]

I think most of the people complaining about Underground in this thread probably haven't ever been there, or haven't visited in the last decade.
I visited Underground in 2006 as a tourist, before I moved to Atlanta. It seemed like a nice little historic tourist attraction right in the heart of downtown. It wasn't until after I moved to Atlanta the following year that I learned of the negative perception that many suburbanites have of Underground.

[SW30303]

Underground has a long way to go before it can attract more locals. I don't recommend it to first time visitors to Atlanta.

I was there last summer, most of it is not worth seeing unless you are visitor to Downtown and you want to see some old architecture. There might be a restaurant or 2 there, maybe. I never liked the food court or the most of the stores that remain.

Underground has potential ...and I wish it had more to offer.