Ahead of the Terrace Plaza redevelopment, Tony Birkla to sell AT580 building
Ahead of the Terrace Plaza redevelopment, Tony Birkla to sell AT580 building
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Birkla Investment Group is working with Capstone Companies to list the AT580 building for sale within the next two weeks.
Birkla Investment Group and Capstone are looking for an entrepreneurial buyer who would lead a major conversion of Fifth Third Bank’s former office space into at least 110 new apartment units. Geleszinski said AT580 already has a waiting list for its apartments, and the conversion of the office space would help meet the demand for centrally located apartments downtown.
Fifth Third occupied six floors, or roughly 200,000 square feet, of office space in AT580 up until the end of 2020. The floors remain empty, and Geleszinski said about 5 1/2 of those floors could be converted to apartments.
The remaining half of one of the former Fifth Third floors accounts for space that would likely not be cost effective to convert due to mechanical equipment in the way.
Converting the floors would likely be an 18 to 24 month project from closing on the property to stabilizing the units.
The units would be a bit smaller than the 179 existing apartments at AT580 – but they’d still be targeting the downtown workforce demographic. The conversion plan calls for 91 one-bedroom units and 29 studios, with rent likely between $1,500 for studios and $2,000 for one-bedroom units.
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