Ground broken for luxury apartments in New Albany

LOUISVILLE, Ky. (WDRB) -- Progress is being made on a new luxury apartment development in downtown New Albany.

A groundbreaking ceremony for The Breakwater Development was held today, Wednesday, Dec. 16, at the former Coyle Chevrolet property.

The Coyle Project will redevelop two blocks of the former Coyle Chevrolet property into a nearly 200-unit upscale apartment complex on a site that has sat vacant for nearly a decade.

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According to a news release, the $26.5 million project will include more than 1,600 square feet of retail space. The project is expected to create nearly 100 jobs. The complex will host studio, one- and two-bedroom apartments, and the rent will run anywhere from $700 to $1,400 a month.

And those apartments will include something a lot of people are really excited about: Gigabit Internet, so residents can surf the web at fast speeds.

Earlier this year, Governor Mike Pence and the Indiana Economic Development Corporation awarded a $3.3 million credit towards the project, and the city paid $4.4 million in bonds. Pence said that this redevelopment is a great project for the State of Indiana and the City of New Albany.

"What this does is go to helpfully bolster that vision of creating a walkable, bikeable, connected, sustainable downtown, where really the top town chooses to live, work and play," added developer David Flaherty.

The developer, Flaherty & Collins Properties, is expected to repay the government funding through taxes on the property.