CINCINNATI (AP) — The new owners of a downtown Cincinnati office building plan to convert it into a mixed-use space that will include apartments.
The Cincinnati Enquirer reports (http://cin.ci/WR3F2b ) that Indianapolis-based Anderson Birkla Investment Partners see the 17-story 580 building at Sixth and Walnut streets as a prime spot for redevelopment. Some 176 high-end apartments are envisioned, along with office and entertainment space.
More details are expected in two to three months. Sales terms weren't released this week.
Downtown Cincinnati residential rentals have been doing well, boosted by an influx of new restaurants, bars and other entertainment around the city's riverfront. One building has a dozens-long waiting list.
The residential rental vacancy rate is estimated at about 2 percent for the southwest Ohio city's downtown. That's far below office space vacancies.
Information from: The Cincinnati Enquirer, http://www.enquirer.com