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Wednesday, July 9, 2014

Selling Underground Atlanta

By Katie Leslie and J. Scott Trubey

The Atlanta Journal-Constitution

City leaders are moving closer to selling

CBRE Brokerage Services, acting on behalf of Atlanta’s Downtown Development Authority, recently placed a legal notice in The Atlanta Journal-Constitution for redevelopment concepts and proposals for the property. The request comes with a laundry list of requirements, including a detailed redevelopment plan and financial statements of the interested parties. The legal ad states that proposals are due July 14.

The advertisement allows the city to test the waters for interest in the property, and comes within a few months of Atlanta Mayor Kasim Reed’s decision to sell the nearly 12-acre struggling downtown mall. The Atlanta City Council approved legislation in March to buy out the rights of CV Underground, the real estate company that manages the shopping and entertainment facility, for $8.8 million.

Reed spokeswoman Melissa Mullinax noted the advertisements were placed in accordance with state law, but declined to elaborate on whether the city has a buyer in mind.
 Underground Atlanta and have quietly advertised a request for redevelopment proposals for the infamous downtown tourist attraction.

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