Dec
18

SC Firm to Redevelop Underground Atlanta

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underground atlUnderground Atlanta, the at-times revered and reviled shopping mall in the heart of downtown, has a new owner, The Atlanta Journal-Constitution has learned.

Atlanta Mayor Kasim Reed is expected to announce Wednesday that a developer from South Carolina is under contract to purchase the nearly 12-acre property for $25.75 million, and plans to convert the multi-tiered subterranean shopping complex into mixed-use development with a grocery store and above-ground apartments. T. Scott Smith, President and CEO of Mount Pleasant-based WRS Inc., has confirmed to The AJC that he expects to close on the deal in mid-2015 with hopes to begin construction by 2016 at the latest.

Reed’s office also confirmed that the mayor will speak about the deal on Wednesday.

Smith, whose work in the Southeast has largely consisted of suburban commercial development, said he was attracted to Underground because of its proximity to MARTA, Georgia State University, new development and government offices filled with potential tenants. “We’re right at ground zero of Atlanta,” he said, rattling off the following figures: “We’re at a MARTA station which brings 70,000 people a day. Next to a university that has 32,000 students. You have 110,000 people who work downtown everyday.”

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