A Complex Deal for the Atmos Complex, the Latest Downtown Development

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Late yesterday, in advance of Thursday's Economic Development Committee meeting, members of the city council were given a memo called Atmos/Forest City Conveyance. In it, the city details a deal that involves shifting the four-building Atmos Complex, which sits behind the old Statler Hilton Hotel on Commerce, from Forest City to Hamilton Properties. Forest City, which received the buildings from the city as part of its Mercantile package, has long wanted to develop the buildings. But as Forest City execs told Unfair Park back in June, the Statler has served as an enormous stumbling block.

But as we noted two weeks ago, the city's looking to do something with the Statler, currently being considered for historic landmark status. That puts off demolition for some two years -- unless Mayor Tom Leppert's successful in getting City Attorney Tom Perkins to find a way around that caveat. And the Hamiltons have big plans for the enormous space, renovation of which is expected to run at least $40 million (for which the Hamiltons will receive some deferred TIF payments) and be completed by February 2013. But with or without the Statler? That remains to be seen. --Robert Wilonsky

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