While 2017 is brand-spanking new, it’s already been a tough year for massive, deadline-sensitive property swaps in and around downtown Atlanta.
According to the AJC, a City of Atlanta deal two years in the making to sell Underground Atlanta to South Carolina developer WRS Real Estate Investments has again been delayed.
The hugely complex deal that would finally scoot Underground off the city’s books had been planned to close last week but was bumped back until this Thursday.
Now, a WRS executive says the sale has again been delayed until the company can hold a Jan. 14 community engagement meeting with downtown groups, the newspaper reports.
The exec said major land issues and legal hurdles involving Underground have been resolved, but some technical concerns remain. He said the deal would close as soon as possible.
Meanwhile, firms that include former heads of Ponce City Market developer Jamestown Properties have been sharking Underground (and surrounding buildings), should the deal with WRS fall apart.
The Underground news comes as another downtown mega-deal — the sale of Turner Field to Georgia State University — has missed its targeted Jan. 1 closing date, according to 11Alive.
But that hardly means the MLB stadium deal is off. A GSU spokesperson told the news station the complex, months-long property transaction is expected to be finalized later this week.