CIM Group is making alterations to the blueprint that will ultimately guide the redevelopment of the Gulch property in Downtown Atlanta.
But any work on what now is a sea of asphalt and railroad tracks is on hold until Los Angeles-based CIM’s legal fight over a portion of a city-approved incentive package is resolved in the courts.
Courtesy of CIM Group
Renderings of the plaza level of CIM’s planned Gulch redevelopment in Downtown Atlanta.
“Until the bonds are validated, there are some significant limitations on what can be done,” Atlanta Deputy Chief Operating Officer Jon Keen said during the Aug. 26 meeting of the Atlanta City Council’s finance/executive committee.
The incentive package, the largest ever approved by the city for a single private development, is nearly $2B in tax abatements and bond financing pivotal to CIM’s acquisition and redevelopment of the project.
CIM offered the first glimpse of its potential