The Breakwater Breaks Ground in New Albany


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).

 “This is a very exciting day,” said New Albany Mayor Jeff Gahan at Wednesday’s groundbreaking ceremony. “This is a shining example of what we can do when we all work together.”



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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.

WHAS 11 Local Coverage of The Breakwater Groundbreaking

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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.”