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| Rendering of Underground Atlanta Project, Atlanta, GA |
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| Andrew Williams |
Atlanta, GA – The real
estate team of Morris, Manning & Martin helped close one of the most prominent real estate deals in Atlanta
recently when it successfully represented WRS, Inc. in acquiring Underground Atlanta from the City of
Atlanta.
The deal involved two
years of negotiations focused on approximately 40 different parcels of land and
included air rights above rapid rail and railroad tracks, underground streets
and commercial spaces, abandoned roads and alleys, elevated viaducts, springing
property rights, tenancies-in-common between the city and the county, and
environmental considerations.
Interacting with the various applicable
governmental entities added further layers of complexity, including zoning
issues, political considerations, and accommodations to neighborhood activists.
Atlanta Mayor Kasim Reed said earlier this year that it was the most
complicated real estate deal the city has ever undertaken.
"There were a lot of
twists and turns,” said Andy Williams,
who led the MMM team that represented WRS, Inc. “The challenges included the
historic nature of the property, including the history of its ownership. It’s
honeycombed by rights of way and interests owned by third parties. Because of
its configuration, there were a lot of challenges you wouldn’t typically see in
an individual deal – or even dozens of deals."
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| Gerald Pouncey |
WRS approached MMM to
handle the complicated transaction because MMM had the necessary talent, skill
and experience that might normally require several different firms.
Gerald Pouncey,
who brought WRS to the firm, is known nationally for his environmental work in
real estate deals. Given the many uses of the land before the transaction, this
proved to be critical – as did the firm’s transactional, zoning, litigation and
corporate experience.
"MMM has all the
various disciplines that came up, and had to be addressed, under one roof,”
Williams said. “We were particularly well-equipped to handle this."
For a complete copy of the company’s news release,
please contact:
Terri Thornton
Partner, Thornton
Communications
Phone: 404-932-4347
Email: Terri@TerriThornton.com
Website: www.TerriThornton.com
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