New Albany's first luxury apartment complex changes downtown lan - WDRB 41 Louisville News

New Albany's first luxury apartment complex changes downtown landscape

Posted: Updated:
NEW ALBANY, Ind. (WDRB) -

New Albany's first luxury apartment complex sounds like a spa. The Breakwater Apartments have a heated salt water pool, an outdoor movie screen and a lounge.

The two full city blocks on Spring Street where the complex sits now was vacant for years. One of the blocks was Coyle Chevrolet.

Construction started on the apartments in December 2015. Now, a little more than a year later, Jan Recker says it’s home.

“I started moving in yesterday,” Recker said.

Her apartment is one out of nearly 200 in the complex. People are already living in 19, and 16 more will be rented soon.

“It's safe, it's secure," Recker said. "I’m in walking distance to the farmers market and the restaurants downtown."

The Breakwater boasts a heated salt water pool, a dog park, a place to bathe your dog, an outdoor movie and outdoor cooking space with a fire pit, and rental garage and storage space.

Rent is anywhere from $780 to nearly $1,700 a month for studio, one or two bedroom units, making them some of the most expensive apartments in the area.

In a statement to WDRB, the Indianapolis developer, Flaherty & Collins Properties says:

"The location is downtown, walkable and is in close proximity to the restaurants and retail in downtown New Albany. The downtown environment is where our residents want to be.   We knew New Albany had made great progress in economic development and the downtown is thriving, but luxury living had not kept pace. For this reason, we believed the city was prime for a Class A luxury property with resort style amenities. There is also a trend occurring all over the country where people want to live downtown. The Breakwater is the first project of its kind in southern Indiana and will attract residents from all around the region.  We have had hundreds of inquiries via our website, phone and property visits. Demand is strong.   About 70% of our residents come from outside the county in which the property is located. These residents will add a net new population to downtown. Our residents are renters by choice, have high incomes and will help activate the City of New Albany."

New Albany Mayor Jeff Gahan agrees this is what the city's downtown needs.

“They've done numerous studies, and it says this is a need that the market has, and so I feel really good about it,” Gahan said.  

He says he thinks bringing more than 200 people to live downtown will help attract new business.

The target market is anything from millennials to empty-nesters.

“We still need grocery stores and all that retail,” Gahan said. “It will add to that. We have really a great group of restaurants here, and we expect that will continue to grow and this will just add to that.”

The Breakwater Apartments are a $26.5 million project with local and state incentives.

Copyright 2017 WDRB Media. All rights reserved.

  • Sign Up for WDRB's Sports Newsletter

    * denotes required fields

    Thank you for signing up! You will receive a confirmation email shortly.
Powered by Frankly
All content © Copyright 2000 - 2017 WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.