It’s a concession stand run by the Cincinnati Marlins inside Keating Natatorium. It was called the Bait Shop when I went to St. X back in the 2000s, but they might’ve renamed it since. A video of the natatorium’s recent remodeling shows a concession stand still there. [1] I restored the POI in osm.org/changeset/170455842 but retagged it as a concession stand to avoid confusion.

[1] https://www.facebook.com/shp1901/videos/st-xavier-high-school-natatorium/1065818547585793/

I reverted this in changeset 170225644. I-280 continues all the way to the interchange with U.S. 101. The overhead sign you’re referring to is telling drivers to get into the right lane if they want to continue on to I-680. I’ve added a destination:ref tag to indicate that.