Posted Dec 17, 2014, 9:52 PM
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Join Date: Feb 2005
Posts: 8,809
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Underground Atlanta to be Sold to WRS Inc.
http://www.bizjournals.com/atlanta/news/...lantas-sale-to-wrs-inc-is-a-big-day.html
Quote:
"Today marks another milestone" for Atlanta, Mayor Kasim Reed said Wednesday as he announced that the city had entered into an agreement to sell Underground Atlanta to WRS Inc., a real estate investment company based in South Carolina.
WRS will pay the city $25.75 million for 12 acres of downtown real estate, which the city will use to pay off the remaining debt on the property.
It also will cover the costs of buying out the 70-year sublease that existed on the property – a deal the city completed in March. That gave the city the flexibility to put the Underground Atlanta property out for bid as part of the mayor's strategy to rid the city of unneeded real estate. The mayor said the sale will save the city about $8 million a year.
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