Luxury apartment complex nearing finish line of multimillion-dollar rebuild

A large luxury apartment complex damaged by fire earlier this year will complete its rebuild by December and deliver its first rebuilt units next month.

Austin Carmony, vice president of development for Indianapolis-based Flaherty & Collins Properties, said the development firm plans to roll out about 40 new units at the Breakwater Apartments by the end of September and finish the rest of the 125 damaged units by year's end.

For more photos, click here to visit Louisville Business First.

The Breakwater is a roughly 200,000-square-foot apartment complex being constructed at the former Coyle Chevrolet site at 411 E. Spring St. in New Albany.

The project will have 191 units in three buildings, one of which houses amenities that include a fitness center; a heated pool; cabanas; outdoor kitchen with grilling stations; fire pit; pet spa; dog park; outdoor movie screen; large flat-screen televisions; and a club room with a kitchen area and fireplace.

The complex's amenities building and a second apartment building of 66 units were undamaged in the fire. Carmony said the available units are about 83 percent leased.

In late February, a building with 125 units caught fire when an HVAC contractor using a torch inside the building ignited insulation. The units were set for testing and inspection shortly after the fire started, but the building's fire-suppression system had not been activated, as is standard process for this stage of a building's construction.

Carmony said Monday morning that the entire building was damaged, though the units experienced different levels of damage. Some were completely gutted by the fire, and others had water damage, smoke damage or a combination of the two.

Carmony said about 44 of the units were rehabbed and rebuilt; the other 81 are new construction.

The firm's insurance company turned the project back over to the developers within a week or so of the fire, but Carmony said it took them awhile to determine what could be salvaged and what must be trashed.

But since construction started again, he said, the work has been clicking.

"All things considered, the rebuild has went pretty smooth," he said.

Original cost estimates for the project were nearly $27 million, and Flaherty & Collins has estimated the losses from the fire at $9 million to $12 million. Carmony said the exact figure won't be determined until the insurance claim is settled after construction ends.

The Breakwater has a mix of studio, one- and two-bedroom units that range in price from about $900 to $1,400.

Louisville Business First


JOIN THE CONVERSATION

To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment