The Gulch from Centennial Olympic Park Drive. Photo by Keizers via Wikimedia Commons.
Last week, Atlanta Loop reported the City of Atlanta and developer CIM Group entered into a conditional agreement to develop the economically depressed “Gulch” area of downtown. The agreement needed city council backing, and a vote was scheduled for today.
However, it became clear hours before the meeting that the agreement would not get the votes necessary to pass, and Mayor Keisha Lance Bottoms said she would shelf the debate, the Atlanta Journal Constitution reports.
“For the past several months, members of my administration have been working to finalize a deal to redevelop the Gulch area in downtown Atlanta. We have negotiated an unprecedented deal that will transform a 40-acre hole in the ground and make tens of millions in significant investments in other parts of our city related to affordability, equity, and opportunity,” Bottoms said in a statement. “We recognize and respect that members of council, and the public, need more time to understand the largest development deal in our city’s history. I have no intention of asking the authors of these proposals to request a vote on these proposals today. Members of my Administration will continue to work with members of council and the public to better understand the substantial benefits we have negotiated and the benefits this project will bring to our entire city.”
The agreement included both the exchange of real property and several public purpose initiatives which satisfied the city’s commitment to affordable housing, public safety and economic development, according to city materials. Last month, Mayor Keisha Lance Bottoms encouraged the council to support the partnership with CIM, calling it a “once in a lifetime opportunity” to redevelop the area.