WRS, a real estate investment company based in South Carolina, purchased the Underground Atlanta for $25.8 million. Mayor Reed said “The sale of Underground Atlanta is another milestone in the revitalization of our downtown corridor. WRS Inc brings a high level of expertise and strong track record of successful developments to an area of the City in need of a fresh approach.
The Downtown Development Authority (DDA) was created in 1982 by state law to revitalize and redevelop Atlanta’s central business district. The City and DDA have jointly owned Underground Atlanta since August 1986. In March 2014, the City purchased a long-term sublease to make the property available for revitalization and redevelopment.