A major commercial real estate firm has been hired to help develop part of Underground Atlanta.
South Carolina developer WRS recently announced that JLL will market a 1.9-acre area, “Block One,” of Underground Atlanta’s four-block redevelopment, a press release said. WRS purchased Underground in March 2017.
Plans for Block One include residential, office, retail and a high density hotel. The area is located along Peachtree Street at the northwest corner of Pryor and Upper Alabama, and will have direct tunnel access into MARTA's Five Points Station.
Scott Cullen and Mark Lindenbaum of JLL will oversee the marketing and developer selection for the property. The firm expects to see “global interest in this development opportunity,” Lindenbaum said in a statement.
WRS’s COO Steve Howe said JLL was on the company’s radar “as the firm that could handle this type of project,” citing its sales of a Georgia Power property to New City Properties as an example.
“We appreciate JLL’s creativity and vision which makes them great partners to help us land the right operators for Block One,” Howe said.
The city of Atlanta announced plans to sell the money-losing Underground in early 2014. The property, once a happening bar and music scene in the 1960s, fell into blight and disrepair. A late-1980s makeover that turned Underground into a tourist-driven shopping mall fizzled out. It has largely been an under-performing mall since the 1996 Summer Olympic Games.
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