City of Atlanta Considers Buying Out Lease and Selling Underground Atlanta (East Point: real estate, 2014)

[LynnHarris]

City taxpayers might no longer have to foot the tab for Underground Atlanta, the Downtown retail strip and tourist attraction that annually costs the city around $8 million to keep a-hummin', should City Hall decide to buy out the lease - and potentially sell the 12-acre site.

Multiple sources have told CL that Mayor Kasim Reed is once again revisiting what should be done with Underground Atlanta. One option could include, we're told, potentially ending the city's contract with Dan O'Leary, the real estate executive who inked an 88-year lease in 1999 for $100,000 per year, and maybe later selling the properties. Rather than City Hall take the lead on Underground Atlanta's redevelopment efforts - and spend millions of dollars in the process - it could instead make a deal with a third-party buyer for the site..."

Full Story: City Hall to revisit Underground Atlanta lease, consider sale? | Atlanta News & Opinion Blog | Fresh Loaf | Creative Loafing Atlanta

[ARaider08]

As evidenced by a previous Chicago mayor's 75-year deal with some parking meter company, cities need to be very wary on monopolizing markets that need not be monopolized...
I'd love to see it change but quite honestly, I fear it would just turn into another Atlantic station type development. It'd be interested if it reverted to some sort of green space/services center with a strong focus on its green space.
Underground is still a pretty awesome feature of Atlanta and is a great attraction but it has really become little more than a mall. It's not exactly a center of entertainment and nightlife, which I thought it could be...
Maybe this is just me and my love of Japanese arcade culture but I'd really love to see one succeed in Underground... That'd be fun. At least for me.
That sad, 25 years in on an 88-year lease? That's going to be a very expensive buyout... But I could be wrong since my estimate for Underground was above the 4.5 million given. As a child born in the 90's, I missed out on what was Underground's heyday a hard argument to make.
The only problem I have with a third party choosing patrons is the particular patrons they'll bring in. It'd be interesting if it were a nonprofit that picked up the tab but you never know how it'll turnout.
It's a very interesting premise and really goes along with Atlanta trying to revitalize it's downtown core... Which, most times of day, outside from office laborers, is empty. Or at least on Tuesday afternoons @ 3pm to the eyes of an East Pointer who felt like going through a bike ride downtown.
EDIT:
I saw in the comments that Georgia State could use it... I've a problem with the college model and how endowments work... the ROI would probably be good but the whole controversy of tuition costs, student loans, and the competitiveness of college institutions outside of academia bothers me... A lot...

[ATLTJL]

I fear it would just turn into another Atlantic station type development

If that happened, it would be an enormous victory for Atlanta.

[ARaider08]

Originally Posted by ATLTJL

If that happened, it would be an enormous victory for Atlanta.

Didn't mean to downplay Atlantic Station, I like it, I'd just like to see something more towards outdoor nightlife. Outdoor nightlife is good stuff.

[AtlantaIsHot]

Hasn't nightlife/restaurants/shopping/etc. been tried and failed?? Here's my humble idea. Pretty much everything else has been tried and has not succeeded. Why not something that actually goes with what it is? It exists basically because of railroad tracks. Atlanta was built by railroads so why not focus on that? Why not a living history museum that focuses on how railroads built Atlanta? I would make a deal with the Atlanta History Center (AHC) to create and run a downtown museum but with the city retaining basic ownership. AHC creates a restored 1800's appearance with period clothing, gas lights, preserved architecture, atmosphere, etc. The museum tells the story of how railroads built the city and gave it it's character. Rebuild a steam train with the opulent cars of the era and put it in the center that you can walk through. Note Underground's history of speakeasies with a replica of one where visitors can visit (and buy homemade drinks). About the only thing I can see succeeding now would be a museum type thing. It doesn't have to go so far as Williamsburg, Va. (although that is nice in my opinion) but it should be historically accurate. Another cheesy shopping mall won't cut it. If all else fails, the only other thing I can think of is converting the whole thing into a giant blues club or blues performance hall. It certainly has the atmosphere for an underground Beale Street. Just my 2 cents.

[UrbanConquistador]

Originally Posted by AtlantaIsHot

Why not a living history museum that focuses on how railroads built Atlanta?

I love this idea. I feel that there is so much history about Atlanta's rail past and creation that is left untold.

[cqholt]

Originally Posted by AtlantaIsHot

Hasn't nightlife/restaurants/shopping/etc. been tried and failed?? Here's my humble idea. Pretty much everything else has been tried and has not succeeded. Why not something that actually goes with what it is? It exists basically because of railroad tracks. Atlanta was built by railroads so why not focus on that? Why not a living history museum that focuses on how railroads built Atlanta? I would make a deal with the Atlanta History Center (AHC) to create and run a downtown museum but with the city retaining basic ownership. AHC creates a restored 1800's appearance with period clothing, gas lights, preserved architecture, atmosphere, etc. The museum tells the story of how railroads built the city and gave it it's character. Rebuild a steam train with the opulent cars of the era and put it in the center that you can walk through. Note Underground's history of speakeasies with a replica of one where visitors can visit (and buy homemade drinks). About the only thing I can see succeeding now would be a museum type thing. It doesn't have to go so far as Williamsburg, Va. (although that is nice in my opinion) but it should be historically accurate. Another cheesy shopping mall won't cut it. If all else fails, the only other thing I can think of is converting the whole thing into a giant blues club or blues performance hall. It certainly has the atmosphere for an underground Beale Street. Just my 2 cents.

That would be the perfect place for a Georgia railroad museum. The parking lot by the old World of Coke building be turned into a rail yard with classic trains. This plays right into the Georgia Railroad Freight Depot and Mile 0 marker.

[vwgto]

How popular are train museums? If there was a commitment to make it world-class and interactive, something people would really tavel for, then maybe.

[jsvh]

//www.city-data.com/forum/atlan...nta-lease.html

[tikigod311]

Originally Posted by vwgto

How popular are train museums? If there was a commitment to make it world-class and interactive, something people would really tavel for, then maybe.

I doubt it would be something many people would travel here for, but it would be a healthy addition to the cluster of attractions in that area. I would imagine the museum wouldn't be too large.

If they could utilize some greenspace or a ped only street in the MMPT development, they could tie in the Five Points area, including Underground, to the the Centennial Park area to bring a lot more foot traffic that way. There is a lot of potential in redeveloping the area.