February 9, 20178 yr I was confused as well. They go into a lot of details about how the 580 Building is structured from a legal/business/real estate perspective. Apparently each of the four aspects of the building (retail, office, residential, and parking) is incorporated as a separate business and the building is technically split into four condominium units. But the article didn't really explain what the new funding was going to be used for, other than describing them as a "$35.5 millio permanent commercial mortgage-backed securities loan and a nearly $34.7 million construction loan." I was under the impression that construction was already done so I don't think it's for ongoing construction. It sounded more like a refinancing type of thing.
February 9, 20178 yr ^yeah, definitely a refinance and splitting 4 different types of loans into 2 with better terms. That's how I read it at least
February 9, 20178 yr According to this thread, work on this project began in early March of 2014. So we're three full years into this at this point for a project that didn't require any foundation work, a new parking garage, or any of that.
February 9, 20178 yr ^Work is still going on the apartments, should be completed in 2017 is all that they said. Strange especially considering if they had unfavorable terms on the old loans they would want to get it done as quickly as possibly to start turning some revenue.
February 9, 20178 yr The article states that the apartment leasing is faster than expected which is encouraging but 50 done out of 180 with a completion in Fall 2017 which could very well be the end of the year is far slower than a snails pace. “All truly great thoughts are conceived while walking.” -Friedrich Nietzsche
February 9, 20178 yr I've received two flyers in the past month offering a free first month... "It's just fate, as usual, keeping its bargain and screwing us in the fine print..." - John Crichton
February 9, 20178 yr I live in Seven/Broadway and have gotten at least 3 postcards from them. The last one was full page size. They looks pretty desperate to me.
February 9, 20178 yr I have also seen ads for The Banks on Facebook. I wouldn't be surprised if they are leasing at a slower-than-expected rate as well. I think any time a new apartment building with 100+ units opens up, it's going to take some time to fill it all out. There probably isn't a whole lot of random cross-neighborhood migration in Cincinnati. I don't imagine there are many people who have been happily living in Oakley or Northside for 2 or 3 years who are itching to move downtown. But as people move here for the first time, perhaps because of a new job, they will consider downtown as an option. This might also exert some downward pressure on rents, at least in the short term. Some of the newer apartments in the core are going for $1300/mo. for a two bedroom. Even though that's nothing compared to a lot of other cities, developers need to realize that housing costs in Cincinnati have historically been comically low. (Perhaps the "cheapest housing in the first world" as jmecklenborg[/member] put it.) I know a lot of people with good incomes who would love to live in a place like OTR or Downtown but realized that they can go to a place like Walnut Hills and get a significantly bigger place for half the cost, and still be a 5 minute drive or bus ride from OTR. As more inner ring neighborhoods start to revitalize, that math will change and make Downtown/OTR more competitive.
February 10, 20178 yr $1300/month for a two bedroom is super cheap. You're going to struggle to find that anywhere downtown. These new places are mostly charging $1700+ and sometimes over $2000/month for two bedrooms while their one bedrooms are closer to the $1300 number.
February 10, 20178 yr We charge $2000/month for a 1200 sq/ft two bedroom two car garage spaces rental on Central Parkway. $1300/month is ridiculously cheap if that's really what they're going for. "Someone is sitting in the shade today because someone planted a tree a long time ago." - Warren Buffett
February 10, 20178 yr They have a 1br 590 sq. ft $1,575 /month or 2br 1380sq. ft $3,175/ month. They have a studio $671 sq ft for 1500 /month. More in between. http://www.apartmentguide.com/apartments/Ohio/Cincinnati/AT580/191685/
February 24, 20178 yr I have also seen ads for The Banks on Facebook. I wouldn't be surprised if they are leasing at a slower-than-expected rate as well. I think any time a new apartment building with 100+ units opens up, it's going to take some time to fill it all out. There probably isn't a whole lot of random cross-neighborhood migration in Cincinnati. I don't imagine there are many people who have been happily living in Oakley or Northside for 2 or 3 years who are itching to move downtown. But as people move here for the first time, perhaps because of a new job, they will consider downtown as an option. On a related node, I just saw a Craig's List ad for the Mercer Commons apartments. Maybe the reason that we're seeing these types of ads for the first time is that downtown developers never had to compete until recently. Now that there are so many competing apartment projects they actually have to advertise. Edit: I just noticed that the Craig's List ad I posted above is for one of the subsidized apartments, with a max. income of $29,700 for a single person or $33,960 for a two-person household. Maybe the market-rate apartments are renting out a little faster.
March 17, 20178 yr Get a look at AT580’s penthouse apartments The transformation of the former office space in AT580 continues. It’s been a long process, but Anderson Birkla Investment Partners LLC, which purchased the building out of receivership in 2013, is nearing the finish line. Tony Birkla and David Anderson, principals of Anderson Birkla, gave me a tour of apartments in the Tower AT580 as well as a look at one of the penthouse apartments. More below: http://www.bizjournals.com/cincinnati/news/2017/03/17/get-a-look-at-580-s-penthouse-apartments-photos.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
March 23, 20178 yr They have a 1br 590 sq. ft $1,575 /month or 2br 1380sq. ft $3,175/ month. They have a studio $671 sq ft for 1500 /month. More in between. That is pricey for sure
March 24, 20178 yr With those kinds of prices the Josephs should continue to be ashamed of themselves for tearing down the Dennison... so much lost money for them by making a bet on something that might not happen...
March 24, 20178 yr Rich people who have convinced themselves that they're God's gift to the city feel no shame.
October 4, 20177 yr After much time has past folks it is truly becoming a reality. The signage went up today. The Taco Bell Cantina is going to be opening soon!!!
March 6, 20232 yr Ahead of the Terrace Plaza redevelopment, Tony Birkla to sell AT580 building By Abby Miller – Reporter, Cincinnati Business Courier Mar 6, 2023 A prime, redeveloped building in downtown Cincinnati will soon hit the market as its owner prepares for his next ambitious project in the city: the Terraces. Birkla Investment Group is working with Capstone Companies to list the AT580 building for sale within the next two weeks. The building was developer Tony Birkla’s first major project in Cincinnati, and Capstone’s Stash Geleszinski told the Business Courier Birkla is now looking for a group willing to usher AT580 into its next phase. The building, located at 580 Walnut St., is being marketed without a list price. MORE
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