NEW ALBANY - State and local officials will Thursday celebrate the renovation of the former M. Fine & Sons shirt factory in New Albany. The $15 million project involves transforming the nearly century-old building into affordable independent and assisted living housing.

The 100,000-square-foot building is expected to open in 2018 and includes 108 independent and assisted living units. The Indiana Economic Development Corp. says the building is expected to create up to 66 jobs and enhance the Floyd County city's quality of place.

The building was constructed in 1922 and has been vacant since 1977. The IEDC offered developer Denton Floyd Real Estate Group up to $2.5 million in industrial recovery tax credits, which are awarded to "companies who are willing to invest in former industrial facilities requiring significant rehabilitation or remodeling expenses.

Lieutenant Governor Suzanne Crouch and New Albany Mayor Jeff Gahan will be on hand for the celebration.

Editor's Note: A previous version of this story listed the price of the project at $12.5 million.