A downtown Atlanta developer says it has taken control of air rights over a critical portion of land where it plans a multibillion-dollar mix of offices, apartments, hotels and stores.
The Atlanta Journal-Constitution reports Los Angeles-based CIM Group said Monday that it’s obtained air rights, or the right to build over, a piece of the area known as the Gulch.
Last month, CIM acquired Atlanta-based Cousins Properties’ interest over 8 acres for about $13.3 million. The newspaper quotes a CIM spokesman as saying the deal is an integral component in CIM’s strategy to rebuild the 40-acre Gulch.
Related: The Gulch Could Have A New Future. Here’s A Look At Its Past >>
The site is a sea of parking lots and rail beds near State Farm Arena and Mercedes-Benz Stadium.
In November, the City Council approved $1.9 billion in public subsidy for the $5 billion project.