Downtown’s 580 Building gets new life

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Cincinnati’s 580 Building, located at 580 Walnut Street, was sold at a sheriff’s sale in 2012. Anderson Birkla Investment Partners, LLC acquired the building in 2013, and they have big plans in store.
 
Prior to the sheriff's sale, the 17-story building had a high vacancy rate. Anderson Birkla is investing $40 million to redevelop it. When construction is complete in 2014, AT580—the building's new name—will house apartments, offices and entertainment.

"There aren't many buildings like this in Cincinnati," says Anthony Birkla, principal at Anderson Birkla. "We're trying to take advantage of the good things that are going on in the Central Business District. AT580 will be somewhere you can live, work and play."

Last week, Anderson Birkla received a letter of intent for AT580's first restaurant, a steakhouse that will be on street level at the corner of Sixth and Walnut; they've had interest in the other restaurant location, which is at the corner of Sixth and Main, but nothing is set in stone yet.

At the plaza level, AT580 will have retail and 26 suites. On top of that, the first six floors of will house 180,000 square feet of office space. The top seven floors of the building will have 140 residential apartments, while the top floor will house 13 penthouses with their own elevator—in all, AT580 will have 179 units, plus one guest suite for residents and their guests.
 
Renovation will begin this summer, with units available by late 2013.
 
The City of Cincinnati provided a 12-year tax abatement for the project and partnered with the Cincinnati Development Fund on a Build Cincinnati Development Fund contribution.