Underground Atlanta Podcast
April 13th, 2007 by Web Editor in Atlanta, News
Alley of broken dreams - Underground Atlanta roundtable
When the World of Coca-Cola opens in May in its new location next door to the Georgia Aquarium, the bottom is expected to fall out of Underground Atlanta. That’s the prediction of a recent study conducted by the city’s finance department, which crunched the numbers for Underground and forecast a dismal future unless a major turnaround takes place. With the loss of the World of Coke as a tourist draw — shifting its 800,000 annual visitors to Centennial Park — revenues at Underground are expected to nosedive by 20 percent, continuing an ongoing decline in sales.
Atlanta taxpayers currently foot the bill for about $8 million a year in debt service on $85 million in bonds the city issued to relaunch Underground Atlanta in 1989. Right now, the only money the city earns from Underground comes from the adjoining parking decks, not from its shops, restaurants or bars.
So how does the city avoid a costly bailout of Underground? Creative Loafing invited a councilman, an urban planner, a downtown business owner and a community activist to discuss how Underground could be transformed from a failing subterranean mall into a vibrant component of a newly energized central business district.
To hear the councilman, the architect, the club owner, and the activist go off on Underground’s faults and wax eloquent on its future, check out our podcast.
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