Posted: Wednesday, March 19th 2014 at 8:39am
City to put Underground Atlanta up for sale
By The Associated Press
ATLANTA (AP) -- The Underground Atlanta shopping and entertainment complex in the heart of downtown will soon be up for sale.
The Atlanta Journal-Constitution reports (http://bit.ly/1iC0NRm ) that the city plans to look for a new developer for the site, which has undergone several transformations over the years.
The Atlanta City Council on Monday approved a plan to buy out the rights of CV Underground, the real estate company that manages the complex, for $8.8 million.
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.
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