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Frim acquires rights over Atlanta land set for redevelopment

March 5, 2019

ATLANTA (AP) — 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 (3.2 hectares) 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 (16.2-hectare) Gulch.

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.

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Information from: The Atlanta Journal-Constitution, http://www.ajc.com