DOWNTOWN | Underground Atlanta redevelopment

[Sura]

Is it possible that WRS are in over their heads?

[Ant131531]

Not just WRS, but Newport too. What happened to them and South Downtown?

[Atlriser]

Newport has been progressing on several fronts both construction wise, leasing wise and constant feedback to the city and neighborhood. Not sure why you’d say that.

[Sura]

Originally Posted by Atlriser

Newport has been progressing on several fronts both construction wise, leasing wise and constant feedback to the city and neighborhood. Not sure why you’d say that.

How did the pop up event do?

[Martinman]

Originally Posted by Ant131531

Not just WRS, but Newport too. What happened to them and South Downtown?

What do mean? They're actively renovating the first round of 40+ individual buildings that they purchased.

[Libertarian]

City buys two modern, vacant office buildings in downtown
Hopefully these can be developed as part of the homeless housing initiative.

[Libertarian]

From Georgia Insider Advantage: Five years after City of Atlanta officials first announced the sale of Underground Atlanta to WRS Real Estate Investments, and three years after that deal was finally completed, little progress has been made on the redevelopment of the former tourist destination. The project was always going to be a difficult one, and one covered in red tape, but such little progress made over three full years has Underground Atlanta’s ship DRIFTING…

[ATLMidcity]

If the economy tanks, it's will definitely die like a rotten tomato on a vine.

Underground is downtown's Achilles heel, while Opus has replaced Eviva as Midtown's Pie-In-the-sky dream.

At least Underground is already in a tomb, but Opus shamelessly flops around like a fish on the edge of a muddy pond for all to see.

We should all meet up and celebrate the death of both.

[Tuckerman]

Originally Posted by ATLMidcity

If the economy tanks, it's will definitely die like a rotten tomato on a vine.

Underground is downtown's Achilles heel, while Opus has replaced Eviva as Midtown's Pie-In-the-sky dream.

At least Underground is already in a tomb, but Opus shamelessly flops around like a fish on the edge of a muddy pond for all to see.

We should all meet up and celebrate the death of both.

Agreed.I certainly remember Underground in its halcyon days in the early 70s. It was exciting, but its great time was very short. Now 50 years later it is probably time to pack it away. I think the only hope for a revival is the development of the bigger gulch area and the possible spread of its influence to include the Underground area. But that is years away. At the present time the development of GSU is the main hope for that part of downtown that includes the former Underground. Nonetheless, we have to face the fact that development is moving North and West to Midtown and the Westside and the Underground is not in that path.

As for Opus, I would favor returning that area to the grassy knoll is was and make it a midtown pocket park. The current project appears to be moribund.

Happy New Year.

[Libertarian]

Another thing that should be on the radar, the condition of MLK Blvd. reconstruction and resurfacing west of the stadium is an eyesore and should have taken months not years to reconstruct. Named after the greatest personality who ever came from this state, brought the races together in a dream of common purpose and should be memorialized on $20 bills - his street in the vicinity of the university center can barely be driven and has been in bad condition for a long time.

[smArTaLlone]

https://www.bisnow.com/atlanta/news/...t-month-105015

WRS CEO Scott Smith tells Bisnow the firm is roughly 30 days away from unveiling the first phase of Underground Atlanta's rebirth with a string of retail storefronts and residential properties above them along Wall Street.

Atlanta is still awaiting WRS' master plan for Underground Atlanta, a blueprint that will be used to grant permits to the developer for future work on the site, Atlanta Commissioner Tim Keane said. Keane provides leadership and policy vision for various departments, including planning and zoning and housing and community development.

The lack of a master plan already curtailed work for an apartment project along Central and Alabama streets that WRS sought last year, Keane said.

“They had a plan [for the apartments], and we said we're not sure that's consistent with what you submitted when the agreement was reached in 2017 with the city,” Keane told Bisnow.

Smith objected in an interview, saying WRS did submit a master plan to the city, but that the coronavirus pandemic may be complicating its approval. “I think he may have been mistaken. We submitted the plan in May,” Smith said. “With the virus, and people working from home, the plan may not have gotten to his desk until later. They have now given us the go-ahead to submit the SAP.”

While Smith didn’t reveal specific details to its overall Underground revitalization plan, he said it would include a 250- to 300-room hotel as well as further retail. But now the pandemic has slowed further leasing at the project.

“All of our tenants and all our future tenants … have put any expansion plans on hold until they can get their existing stores back open and operated,” he said.

[smArTaLlone]

https://www.bisnow.com/atlanta/news/...veloper-106881

Billionaires Funding Group is acquiring Underground Atlanta from WRS for an undisclosed sum, the firm announced Wednesday. WRS, the development firm out of South Carolina, purchased Underground Atlanta for $34.6M in 2017, a deal that then-Mayor Kasim Reed called “another milestone in the revitalization of South Downtown Atlanta,” The Atlanta Journal-Constitution reported at the time.

But since its purchase, there has been little movement toward redevelopment under WRS' ownership.

Shaneel Lalani, the CEO of Billionaires Funding, is described in a press release as a retail entrepreneur who bought his first real estate property in 2012. Today the firm's portfolio encompasses more than 1M SF of retail and office space, mainly value-add deals. Lalani also heads up Lucky Fortune, a coin-operated amusement machine company that works with the Georgia Lottery Corp.

It wasn't clear as of press time where Lalani is obtaining capital or financing for the project. When reached by phone, Lalani deferred all questions to his public relations team at The Wilbert Group. Officials with Wilbert declined to disclose the purchase price but said Lalani's company is funding the purchase without any other debt or equity involved. WRS did not return calls seeking comment as of press time.

“The investment happening in Downtown has created the opportunity for Underground Atlanta to finally become what it was always meant to be: A vibrant, highly animated retail and entertainment destination that enlivens the streets, with residential, hotel and office uses overhead,” Lalani said in the release. “Collaboration is key to the success of this redevelopment. Collaboration with the city, collaboration with best-in-class partners and collaboration with our neighbors. Underground Atlanta has long been a part of the fabric of this city. We will do what’s right to elevate the district to its highest and best use.”

Lalani said the focus on redevelopment will be on Block Two, the northwest corner of Underground Atlanta that was originally targeted by WRS in conjunction with a residential partner, Prestwick Cos. That deal fell apart earlier this year, according to Curbed Atlanta, and WRS had been silent on Underground Atlanta since.

Lalani said in the release that Block Two would comprise multifamily, retail and parking. But the initial move is to draw up a feasibility study for the district, he said in the release.

“Lalani is focused on bringing together a team of top real estate experts to collaborate on the project, including civil engineers, urban planners, architects and JV partners,” officials said in the release. “Lalani’s real estate company has the financial strength and stability to develop the project on its own, though he is open to exploring partnerships with the right investors. He intends to retain an ownership stake in each parcel to ensure consistency throughout the district.”

[atlHawks]

Originally Posted by smArTaLlone

https://www.bisnow.com/atlanta/news/...veloper-106881

Looks like Target and Lidl might be coming to underground too.

[jpk1292000]

Originally Posted by atlHawks

Looks like Target and Lidl might be coming to underground too.

Great news!

[Sura]

Finally a Target I can walk to. And we need more "city format" stores.

[Street Advocate]

Originally Posted by Sura

Finally a Target I can walk to. And we need more "city format" stores.

Either the urban target or lidl would be huge for downtown. Potentially landing both would be a game changer for downtown. I’m excited to see the population grow in the neighborhood.

[Martinman]

It seems a bit unusual for a developer to name tenants that have yet to sign on to the development. I'm afraid the name dropping may just be an attempt to attract attention to the development. I'll wait for some more concrete evidence that Billionaires Funding Group (really? ) will be any more successful at redeveloping Underground than WRS was.

[smArTaLlone]

https://www.bizjournals.com/atlanta/...-property.html

The new owner of Underground Atlanta paid almost $13 million for a 30-story tower overlooking Woodruff Park, adding another property with potential — and challenges — to his downtown portfolio.

What it means: Shaneel Lalani announced his company’s acquisition of the 300,000-square-foot building, which he is calling One Park Tower, though it's known better as 34 Peachtree. He bought the property from a local affiliate of The Creations Group, an arm of Golden Gate Developments Group. Like his acquisition of Underground Atlanta, (see more here) the tower presents Lalani with an opportunity to turn around a familiar downtown project. And, like Underground, it comes with big hurdles.

What's the play: Just two blocks from Underground Atlanta, 34 Peachtree showcases his company’s “strategy of buying high-potential real estate properties” and its “commitment to investing in South Downtown,” Lalani said in a press release. Lalani said he will continue to explore other value-add opportunities in the Atlanta area. The building could be rented for less than $30 per square foot, a potential bargain for tenants.

Work to be done: 34 Peachtree is about 60% vacant and has remained at that level for about the past five years, according to Costar. Lalani estimates vacancy at closer to 67%. The tower has seen no significant renovations or leasing and marketing efforts for years, said Keith Pierce, vice president of research with Transwestern Real Estate Services. It's also struggled for a while. (Read more) “If you were driving by it would be easy to assume it was an old apartment tower or government facility,” Pierce said.

What’s next: Lalani said he met with some of the building’s tenants, including HOPE Atlanta, a nonprofit focused on fighting homelessness, and Atlanta Downtown Improvement District. He's exploring strategies and hiring an in-house broker.

What makes it challenging. In the past, others have seen a turnaround opportunity at 34 Peachtree. Today, it could take at least $20 million to modernize the building and several years to stabilize it with new tenants, observers say.

[smArTaLlone]

https://atlanta.eater.com/2021/5/17/...lanta-downtown

Robert Montwaid, the co-founder of recently opened Chattahoochee Food Works in northwest Atlanta, plans to open another food hall next year at Underground Atlanta. Billed as a 28,000-square-foot “boutique food market”, the yet-named food hall will include 21 stalls and joins live music venue the Masquerade (reopening this summer) and Future Showbar, an LGBTQ-friendly restaurant, cabaret, and dance bar opening June 4.


Demolition for the food hall is already underway. More details, including renderings and a name, are expected to be released in the coming weeks.

[NYbyWAYofGA]

Originally Posted by smArTaLlone

https://atlanta.eater.com/2021/5/17/...lanta-downtown

Downtown is about to blow up....