Flaherty & Collins Properties breaks ground on 191-unit apartment project in Indiana

January 04, 2016  |  Staff Writer  |  Print Article  |  Email this Article

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The City of New Albany, Indiana, and Flaherty & Collins Properties began construction on The Breakwater apartment project in December.

The Breakwater is a $26.5 million luxury residential apartment development at the former Coyle Chevrolet property in downtown New Albany, Indiana.

Featuring 191 luxury apartments and 1,650 square feet of street-front retail space, The Breakwater will 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 over a five-year period.

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