The City of New Albany, Indiana, and Flaherty & Collins Properties will break ground on The Breakwater, a $26.5 million luxury residential apartment development at the former Coyle Chevrolet property in downtown New Albany.
An official ceremony will be held Dec. 16. at 411 Spring Street in New Albany.
“This is a phenomenal project for the City of New Albany,” said Flaherty & Collins Properties chief executive officer David Flaherty. “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.”
Featuring 191 luxury apartments and 1,650 square feet of street-front retail space, The Breakwater is set to become the first apartment development in Southern Indiana to offer gigabit Internet. The advanced technology infrastructure offers ultra-high speed Internet connections that can be as much as 100 times faster than existing networks offer, which improves streaming quality and produces faster download times that greatly benefit businesses, schools and hospitals.
The project, which will create nearly 100 jobs, received a $3.3 million state tax credit by the Indiana Economic Development Corporation, and includes at least two buildings and the renovation of the Coyle showroom. A recent study revealed an estimated economic impact of $30 million during a five-year period.
“This project will help fulfill a need for increased downtown residential options in New Albany, and I’m thrilled that the IEDC and the Governor see the benefit of this project for the city – it truly is a project that I hope will be a model for other areas in the City,” said New Albany Mayor Jeff Gahan.