In Saints Row 2, Atlantis Avenue has been split up and merged with other neighborhoods. The western end (constituting all of the developed land in the suburb) was merged with Nob Hill and the eastern end (the empty land) became part of Stilwater Boardwalk.
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Although it is no longer a neighborhood in Saints Row 2, Atlantis Avenue is mentioned during the mission "Three Kings", in the on-screen help text regarding HUD messages as an example of an exploration message.