South Carolina-based developer WRS has released a block-by-block update about its plans for transforming Underground Atlanta in Downtown.
Since buying the 9-acre Underground site from the City of Atlanta in late March, WRS has been busy securing student and multi-family housing partners, relocating tenants from the original Underground mall for a structural assessment, finalizing an agreement with The Masquerade to stay Downtown and begin next steps with architectural plans and construction.
“After our first six months of ownership we’re ready to start sharing details,” said WRS partner Scott Smith. “To be able to confirm housing options for both students and those working in Atlanta was extremely important. Couple that with our need to attract the creative class and the confirmation that The Masquerade has inked a multi-year deal and Post-Office Cowork launched this week, sets the tone for other early adopters to join the redevelopment.”
A current block-by-block snapshot of the redevelopment includes:
Block 1: Northwest corner of Pryor and Upper Alabama
Higher density hotel, office, retail and additional housing will be the last phase of the four-block transformation.
Block 2: Northeast corner of Pryor and Upper Alabama
Featuring student housing from development partner Peak Campus and multi-family housing from partner Prestwick Companies, more than 800,000 square feet of new construction will begin on this block in fall 2018, with an estimated delivery date of fall 2020 and early 2021 respectively. Both buildings will feature a mix of street-level retail focused on the needs of the neighborhood and Georgia State University’s growing student body. Between block 1 and 2 there will be nearly 175 thousand square feet of retail space to add neighborhood necessities and conveniences to the mix.
Block 3: Southwest Corner of Central and Alabama
Filled with a mix of retail, office and communal areas to support a 24/7 lifestyle, a more extensive rehabilitation of older buildings and other existing structures of Block 3 will begin in early spring 2018. The lower level of Underground Atlanta closed on Aug. 13 to assess the condition of the central hub, utility set up and structural safety. Block 3 is also the permanent home of The Masquerade and the recently announced coworking pop-up Post-Office Cowork at 86 Pryor.
Block 4: Southwest corner of Pryor and Alabama
More than 40 thousand square feet of retail storefronts line Upper Alabama to Peachtree Street and currently house many long-term Underground Atlanta tenants who relocated from the now-closed lower level to continue day-to-day business above ground.
To follow updates on the transformation of Underground Atlanta visit www.wrsrealestate.com/underground-atlanta