The city of New Albany, along with Flaherty & Collins Properties, will break ground next week on a new downtown mixed-use development. The Breakwater is a $26.5 million luxury residential apartment project. It will be located at the former Coyle Chevrolet property in downtown New Albany.
The Breakwater will feature 191 luxury apartments and 1,650 square feet of street-front retail space. It will also become the first apartment development in Southern Indiana to offer gigabit Internet, offering ultra-high speed connections.
“This is a phenomenal project for the City of New Albany,” said David Flaherty, CEO of Flaherty & Collins Properties. “The Breakwater will bring a lot of high income residents to the downtown New Albany and transform the area. We believe this will provide employers with a fantastic, high-end housing option for their employees that does not exist today.”
The project received a $3.3 million state tax credit from the Indiana Economic Development Corporation. The project will create nearly 100 jobs is expected to have an estimated economic impact of $30 million over a five-year period.
Construction is expected to last 18 months. The first units will be available in spring 2017.