City Buys O’Leary Out of Underground Atlanta Lease

Entrance to Underground Atlanta 1

The city of Atlanta is now the sole owner of Underground Atlanta, the struggling retail district in the Downtown submarket. The city paid $8.8 million to Dan O’Leary, the projects operating partner, to buy him out of the remainder of the 88 year lease. Now that the city has full control, it will be able to freely market the asset to developers in an attempt at redevelopment and revitalization of the surrounding area. So far, few developers have shown any interest in Underground Atlanta, although Mayor Reed hopes that an organization like Georgia State University will come in and breathe new life into the development.

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