FORT WAYNE, Ind. (WOWO): A ribbon cutting will be held this week to celebrate the opening of a luxury apartment community in downtown Fort Wayne.

Cityscape Flats, which is located right next to Parkview Field, will be holding a ribbon cutting for the 143,000-square-foot community Thursday at 11am.

The complex features 163 homes made up of studios, one-bedroom and two-bedroom units. The three-and-four-story buildings are part of a development that includes 14 town homes, which will be put up for sale and are expected to be finished this fall.

The $34-million project broke ground in September 2015, and benefits from a total of $7-million in incentives from the City of Fort Wayne. It’s expected to bring in more than $650,000 in property taxes every year.