The 580 building, located at 580 Walnut Street, received a tax exemption for the renovation of the building into a mixed-use development primarily composed of 176 apartments 58,482 sq. ft. of retail and approximately 181,376 sq. ft. of commercial space at an estimated construction cost of $26 million.
The project will convert approximately 300,000 sq. ft. of vacant office space from the downtown market to residential use.
Construction is expected to begin in the Summer 2013 and be completed by the Summer 2014.