Mayor Confirms Underground Atlanta To Be Bought By South Carolina Developer

Mayor Kasim Reed said Wednesday that South Carolina-based WRS Inc. is buying Underground Atlanta for $25.8 million and has plans to build a mixed use retail and housing development. Reed said in a statement that the sale will mean $8 million in annual cost savings for the city.

City officials say the real estate company was chosen through a competitive bid process facilitated by the Downtown Development Authority and transaction details will be presented to city council for approval in January.

T. Scott Smith, the President and CEO of WRS Inc. in Mount Pleasant told the Atlanta Journal-Constitution that he plans to close the deal on the property by the middle of 2015.

In the 1970's, Underground Atlanta was popular for its nightlife. In later years, it earned a reputation for petty crime and panhandling and many businesses shut its doors.

Reed says the sale of Underground Atlanta is another step toward revitalizing downtown. City officials say they expect the new mixed use site to complement downtown attractions.

Contributors: Atlanta Business Chronicle, The Atlanta Journal Constitution

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