The City of New Albany and Flaherty & Collins Properties has announced that it will officially 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 on Wednesday, December 16 at 11am at 411 Spring Street in New Albany.
“This is a phenomenal project for the City of New Albany,” said Flaherty & Collins Properties CEO 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 features include upscale, resort-style amenities attractive to young professionals, including a heated luxury swimming pool with cabanas, Outdoor Movie Screen, bike storage, Pet Wash room, Fitness Club, Dog Park, and Outdoor Kitchen with grilling stations and a fire pit. Target residents will be those with incomes ranging between$50,000 and $60,000 a year. The project will also features a gigabit internet technology infrastructure, which can improve streaming quality and produce faster downloads.
David Duggins, Director of New Albany Economic Development and Redevelopment, believes the project is much-needed. “This type of ultra-fast internet infrastructure is a huge asset when attracting young professionals and new businesses to cities,” he says.
The project, which will create nearly 100 jobs, received a $3.3 million state tax credit by the Indiana Economic Development Corporation (IEDC) and includes at least two buildings and the renovation of the Coyle showroom. A recent study revealed an estimated economic impact of $30 million over a 5-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,” stated Mayor Jeff Gahan.
Community features include upscale, resort-style amenities attractive to young professionals, including a heated luxury swimming pool with cabanas, Outdoor Movie Screen, bike storage, Pet Wash room, Fitness Club, Dog Park, and Outdoor Kitchen with grilling stations and a fire pit. Target residents will be those with incomes ranging between $50,000 and $60,000 a year.
Apartments will showcase 9-foot ceilings, 42-inch kitchen cabinets, granite countertops in kitchens and bathrooms, pendant lighting, wood-style flooring, over-sized tubs, balconies and smart thermostats. High efficiency washers and dryers will be included in each apartment, with stainless steel appliances available in select units.
“We’re thrilled to partner with the City of New Albany and the Indiana Economic Development Corporation to make this development a reality,” says Austin Carmony, Vice President of Development at Flaherty & Collins Properties and lead developer of the project.
“A public/private partnership like this, that brings a luxury, residential, mixed-use development to the downtown New Albany area, will add approximately 200 residents with disposable incomes that with further support local businesses and the economy. The Breakwater will build on the already strong economic developments that are already occurring in the City and should help make downtown more vibrant, walkable and full of activity.”
Construction is expected to take 18 months, with first units available in spring 2017.