Mayor Kasim Reed’s office has announced the closing of the sale of Underground Atlanta to WRS, Inc. for $34.6 million. WRS, Inc., a real estate investment company based in Charleston, South Carolina, will redevelop the 12-acre site into a live-work-shop community with retail, hospitality, entertainment and residential space (including affordable housing). The sale will result in $8 million annual cost savings for the city.
WRS has agreed to preserve a grid for public pedestrian and bicycle use on Alabama Street and Pryor Street; to share its written plan for community engagement to be conducted throughout the development process, which has been approved by the Atlanta Downtown Neighborhood Association, Inc. and the city; and to accept protective covenants which require the preservation of certain portions of Underground Atlanta that are historical in nature.
WRS also agreed to accept the Downtown Development Authority’s (DDA) right to approve the master development concept plan for this project, and there will be opportunity for public review and comment.
“It’s exciting to see a new chapter in Underground Atlanta’s history begin,” said A.J. Robinson, President of Central Atlanta Progress in a statement. “We support the WRS vision and capability to bring the density of mixed uses to the 12 acres of downtown Atlanta that has so much potential. Bravo to the city and WRS for reaching an agreement.”