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.