NEW ALBANY – Flaherty & Collins Properties and the City of New Albany officially broke ground on The Breakwater today.
The $26.5 million project, will include 191 luxury apartments and 1,650 square feet of retail space in downtown New Albany at the site of the former Coyle Chevrolet/Dodge.
“This is a great day for New Albany, the state of Indiana and everyone with Flaherty & Collins Properties,” said David Flaherty, CEO of Flaherty & Collins Properties. “It has taken over three years to make this happen. The city had a vision for New Albany and the downtown, and we are going to make that happen.”
The project, which will take 18 months to complete, was assisted by a $3.3 million DINO tax credit from the Indiana Economic Development Corporation (IEDC).
The project will include studio, one bedroom and two bedroom apartments and the finest amenities in Southern Indiana. There will also be a heated pool on the property site for residents as well as a fitness center, outdoor kitchen with fire pits, grilling stations and a bike storage. The Breakwater will also feature a renovation of the Coyle showroom into retail and leasing office space.
The project is expected to generate millions into the local economy from residents living at the site and creates 200 construction jobs over the next two years.
“It’s a great time to be in New Albany,” said Dr. Irving Joshua, president of the New Albany Redevelopment Commission. “It’s about location, location, location. New Albany has had the location for a long time, it just needed a vision. We have had a vision for the past decade and this is just another element of that plan.”