published Wednesday, March 19th, 2014

City to put Underground Atlanta up for sale

ATLANTA — The Underground Atlanta shopping and entertainment complex in the heart of downtown will soon be up for sale.

The Atlanta Journal-Constitution reports 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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