Wednesday, May 29, 2013

Tax exemption approved for 580 Building apartments, offices

On May 15, Cincinnati City Council approved a Community Reinvestment Area tax exemption agreement with Anderson Birkla Development affiliate Cincinnati Development I, LLC for the $40 million redevelopment of Downtown's 580 Building into 176 apartments, 181,376 square feet of Class A office space, and 58,492 square feet of retail space.

The 12-year exemption will reduce the developer's tax liability by $4.8 million over the life of the agreement.

Construction is scheduled to begin this summer and to be completed by summer 2014.

The project is expected to retain between 700 and 900 office jobs and create six full-time positions.

Built in 1973 as an office tower at 580 Walnut Street, the 580 Building fell into foreclosure in 2011 and was purchased by the Indianapolis-based developer for $13.7 million in February.

Previous reading on BC:
Vibrant, diverse 'Restaurant Row' envisioned for Sixth Street (4/5/10)
UBS leaving 580 Building, to become first Kenwood Towne Place office tenant (3/17/08)