CIM, Atlanta In Process Of Swapping More Gulch Property
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Los Angeles-based CIM Group is already looking to enlarge its Gulch holdings, this time with a land swap.
The developer — which was the sole bidder on a more-than-9-acre parcel of undeveloped land across from Philips Arena in Downtown Atlanta known as the Gulch — is now seeking an additional 3 acres nearby, the Atlanta Business Chronicle reports. That property includes warehouses and a parking lot along Centennial Olympic Park Drive behind the State Bar of Georgia building, according to reports.
The Atlanta City Council on Monday introduced a proposed ordinance that would swap the city-owned land with CIM Group. In exchange, CIM would donate some of the land it acquired last year that includes portions of Norfolk Southern's headquarters along Ted Turner Drive, the ABC reports.
This is the latest move by CIM Group, led by the brother of Atlanta Hawks' majority owner Tony Ressler, toward a massive mixed-use project on the 27-acre Gulch site that would include office, residential, retail and hotel spaces. It also has been the centerpiece in Georgia's pitch for Amazon's HQ2 project.