String theory on AdS$_3$ with NS-NS fluxes admits a solvable irrelevant deformation which is close to the $Tbar{T}$ deformation of the dual CFT$_2$. This consists of deforming the worldsheet action, namely the action of the $SL(2,mathbb{R})$ WZW model, by adding to it the operator $J^-bar{J}^-$, constructed with two Kac-Moody currents. The geometrical interpretation of the resulting theory is that of strings on a conformally flat background that interpolates between AdS$_3$ in the IR and a flat linear dilaton spacetime with Hagedorn spectrum in the UV, having passed through a transition region of positive curvature. Here, we study the properties of this string background both from the point of view of the low-energy effective theory and of the worldsheet CFT. We first study the geometrical properties of the semiclassical geometry, then we revise the computation of correlation functions and of the spectrum of the $J^-bar{J}^-$-deformed worldsheet theory, and finally we discuss how to extend this type of current-current deformation to other conformal models.
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