Atlanta Agency Weighs Investment in Former CNN Center

Atlanta officials might be getting involved in CP Group’s redevelopment plans for the former CNN Center.

The Atlanta-Fulton County Recreation Authority is considering buying the 1.2 million-square-foot complex — now branded as The Center at 190 Marietta Street — from Boca Raton, Florida-based CP Group, according to a memorandum obtained by Atlanta News First. The move would give the public sector control over a high-profile downtown asset as it transitions from a single-tenant media hub into a mixed-use project, according to Bisnow.

The authority framed the potential purchase as both strategic and defensive, citing a need to prevent the property from “falling into a state of disrepair” while maintaining influence over a key piece of downtown real estate.

Under the proposal, the authority would finance the acquisition through tax-exempt senior revenue bonds backed by future project income. CP Group would remain heavily involved, contributing between $200 million and $300 million in equity to fund renovations and continuing to operate the property.

The structure effectively splits roles, as the public sector would take ownership and secure long-term revenue streams, while the private developer would then execute the repositioning. The authority would receive guaranteed annual payments plus a share of backend profits, according to the memo.

Officials are also considering using funds from the Westside Tax Allocation District, according to the outlet. Future tax revenue generated by the project could be dedicated to help service the bond debt — a common tool in large-scale redevelopment deals.

The plan appears to have caught some leaders off guard. Fulton County Commission Chairman Robb Pitts told the outlet he was surprised to learn of the proposal, suggesting the deal remains in early or fluid stages.

CP Group, alongside partner Rialto Capital, acquired the property in 2021 for more than $144 million from AT&T, according to the publication. The investment thesis has shifted significantly since then. CNN vacated the building in 2024, relocating operations to Midtown and leaving behind a massive vacancy challenge in the heart of downtown.

Since then, CP Group has explored different options for repositioning the building, including plans for a food hall and longer-term visions for apartments and hotel uses.

— Eric Weilbacher