With talk of Underground being redeveloped, what would you most like to see built in its place?
The City of Atlanta is in negotiations with CV Underground, the current lease holder of Underground Atlanta, to buy out the remainder of their current 88-year lease, making way for a potential redevelopment of the 12-acre site. The purchase price would be a reported $8.8 million.
Having previously sold City Hall East, site of the former Sears retail store, warehouse and regional office, to Jamestown Properties for $27 million in 2011, can Mayor Reed also find a buyer for Underground?
Matt Bronfman of Jamestown spoke at the official closing of the City Hall East deal. He stated that his company sought properties with "high barriers to entry." Since that time, 280 Elizabeth Street and Krog Street Market have both been announced, and until recently, both had publicly confirmed more tenants than Ponce City Market.
Underground would seem to offer developers a perfect location in which to create something new. The downtown market, which may not be seen by many as ideal for retail these days, would seem to offer tremendous barriers to entry and might therefore look attractive to prospective developers such as Jamestown.
While the Atlanta Braves leaving the downtown area for Cobb county in 2017 is certainly not a plus for the area, there are signs of progress.
The National Center for Civil and Human Rights is scheduled to open in May 2014, The College Football Hall of Fame will open in late 2014, and the new Falcons Stadium will open in 2017.
I recently announced Walgreens plans to open in the historic Olympia Building and Georgia State continues to expand its campus and renovate its existing properties.
Goldberg's Group also plans to open an Atlanta Braves All Star Grill at 200 Peachtree, once home to Davison's / Macy's.
Please share your thoughts below.