The Atlanta City Council has agreed to buy out the lease of Underground Atlanta for $8.8 Million. The….what do we call it now….subterranean mall and tourist trap had been leased for 99 years to developers who have apparently gotten tired of the Casino they have long been expecting. Thus, look at this as Atlanta buying it’s development rights back. Atlanta Intown has the details:
The Atlanta City Council unanimously voted during Monday’s meeting to spend $8.8 million to buy out the remaining part of an 88-year lease for Underground Atlanta. The city has been paying $8 million a year to keep the Downtown attraction running, but only receiving $100,000 a year in rent from lease-holder Underground Festival/CV Underground.
Councilman Ivory Lee Young said in reading the motion that 72 years was left on the last lease agreement, signed in 1999, and that all the council members had signed on to the legislation granting Mayor Kasim Reed to enter into the agreement to buy out the lease.
What will happen with the redevelopment of Underground Atlanta remains to be seen. The city could sell the property to a private developer or it could enter into an agreement with another entity.
Feel free to tell us in the comments section what is the “highest and best” use for Underground Atlanta.