The controversial project to transform 40 acres of below-level parking lots and rail lines in Downtown into a massive mixed-use development is back on the Atlanta City Council’s agenda for it’s Oct. 15 meeting.
As proposed by Los Angeles-based CIM Group, The Gulch project would include offices, homes, hotels and retail adjacent to Mercedes-Benz Stadium and State Farm Arena. While Mayor Keisha Lance Bottoms and Central Atlanta Progress have urged support of the development, fierce public outcry and concerns by city council members have left the deal hanging in the balance.
Taxpayers could be on the hook for upwards of $1.75 billion if the $5 billion deal were approved, but at this writing it is uncertain whether or not there are enough council votes for the project to win approval.
“There are tons of opinions about the merits of the deal and the process. One fact remains clear after all these discussions, there isn’t broad support for the proposed deal.” Councilman Andre Dickens said in a statement. “I have a substantial amount of unreadiness and can’t support it at this time.”
The AJC reported on Friday that CIM and the city were back in talks to salvage a deal, including reducing the overall taxpayer contribution and increasing public benefits.
The council will take up the issue at its 1 p.m. meeting on Monday at City Hall.