Mayor Kasim Reed announced the sale of Underground Atlanta to WRS, Inc. for $25.8 million at a news conference earlier today. WRS, Inc., a real estate investment company based in South Carolina, has developed over 30 retail anchored shopping centers. Tentative plans for redevelopment include mixed-use retail and housing and possibly a supermarket – an amenity long-requested by Downtown residents and workers.
Notable development projects in the WRS, Inc. portfolio include the Horizon District in South Carolina, an urban research district that will contain over 2.5 million square feet of mixed-used space with street-level retail, restaurant and office space, and workforce housing. The company has also developed a number of retail anchored projects for nationally known corporations including Belk, Wal-Mart, Staples, Kohl’s, and Dick’s Sporting Goods.
“WRS, Inc. is committed to leveraging Underground Atlanta as a catalyst for long-term economic and social sustainability in downtown Atlanta,” said Scott Smith, President and Chief Executive Officer of WRS, Inc. “Development plans for the site will create a community rather than a destination, making Underground Atlanta a place where people can live and shop every day.”
WRS, Inc. was selected through the DDA’s competitive procurement process. The transaction details will be presented to the Atlanta City Council and the DDA board for approval next month. Reed said the sale of Underground would save the city $8 million annually.
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