The City of Atlanta will sell Underground Atlanta once negotiations to buy out the remaining lease are completed, according to a report from our media affiliate CBS46. On Monday, the Atlanta City Council voted unanimously to spend $8.8 million to buy out the remaining lease on the property from Underground Festival/CV Underground.

 Mayor Kasim Reed’s spokeswoman Melissa Mullinax said the city intends to close on the deal within a month and will then market the property to private entities. Business owners renting at Underground will be able to remain for another year as the city seeks a new owner. Mullinax said officials hope for a redevelopment similar to Ponce City Market.

Read more about the city council’s vote and Underground’s history in this story we posted Monday.

Collin Kelley

Collin Kelley has been the editor of Atlanta Intown for two decades and has been a journalist and freelance writer for 35 years. He’s also an award-winning poet and novelist.