South Carolina company buys Underground Atlanta
Underground Atlanta has a new owner.
Atlanta Mayor Kasim Reed’s office announced today that WRS, Inc., a South Carolina Real Estate investment company, purchased the retail center for $25.8 million.
In March, the City Council voted to buy-out the rights of the real estate company that manages Underground Atlanta and sell it.
According to a press release from the mayor’s office, WRS has developed dozens of retail shopping centers since 2001.
“Tentative plans for redevelopment include mixed-use retail and housing,” the press release says. “The sale will result in $8 million annual cost savings for the city.”
Reed said in a statement that, “WRS Inc. brings a high level of expertise and strong track record of successful developments to an area of the City in need of a fresh approach. Based on the city’s track record with Ponce City Market, the Lakewood Fairgrounds (now EUE Screen Gems) and Buckhead Atlanta, I am confident that we will succeed in transforming Underground Atlanta into a vibrant component of our city’s commercial business district.”
The city and its Downtown Development Authority have owned Underground Atlanta since 1986.
The press release says, “A revitalized Underground Atlanta will complement several new downtown attractions, including the National Center for Civil and Human Rights, the College Football Hall of Fame and the new Falcons Stadium which will open in 2017.”