Sixteen acres are located near Atlanta international airport, Porsche HQ
Coro Realty, a premium real estate investment and management company, and Miller Lowry Developments, a high-end builder of residential and mixed-use properties, today announce the acquisition of a 16-acre site in Hapeville. The site consists of approximately 60 parcels centered along Chestnut and Elm Streets.
The joint venture intends to develop the property into a dynamic mixed-use community, featuring residential, commercial and hospitality uses on the doorstep of Hapeville’s historic downtown. They are also seeking additional partners to expand the footprint and vision of the project, which is less than a quarter mile from Hartsfield-Jackson Atlanta International Airport and its $35 billion state-wide economic impact.
“Coro Realty is thrilled to join with Miller Lowry Developments to create a new destination for the city of Hapeville,” said Robert Fransen, Managing Partner, Coro Realty. “We have been working diligently for two years to acquire this site because it offers tremendous upside and development potential.”
“The city of Hapeville has done an incredible job of revitalizing downtown, including renovating the historic theater and creating a real sense of community and connectivity,” said Miller Lowry, the President of Miller Lowry Developments. “We are honored to partner once again with Coro Realty, a well-known and well-respected investment and development company.”
The concept for the site dates back two decades. Main Street Partners assembled approximately 80 parcels for a planned urbanist redevelopment to be known as Asbury Park. The Great Recession caused the project to stall.
Since then, the city of Hapeville has reenergized the downtown corridor into a more dynamic market. Porsche North America moved its headquarters there and opened the Porsche Experience Driving Center. Both are within walking distance of the newly acquired site. It also is in close proximity to Delta Air Lines’ global headquarters, a Wells Fargo corporate campus and the Kimpton Overland Hotel.
Exciting local amenities like Arches Brewing, a leading craft beer brewery, and the Atlanta Hawks G-league affiliate, the Skyhawks, in nearby College Park, are drawing younger professionals to the area as well.
The 16-acre property will be Coro Realty and Miller Lowry’s third joint-venture in Hapeville.
Coro Realty is a diverse real estate company, with a fast-growing portfolio that includes retail, commercial, industrial and specialty assets. The Hapeville acquisition builds on Coro Realty’s twin goals to continually diversify its portfolio and to invest in infill sites and densifying markets.
Miller Lowry Development has had success bringing new developments that tie in seamlessly to historic downtown communities.
“The community and city support for this project in Hapeville has been awesome,” Lowry said. “This is a great opportunity to build on the momentum the city has created around downtown, while continuing a solid partnership that will strengthen communities and add value for years to come.”
About Coro Realty
Coro Realty was founded in 1997 and is synonymous with intelligent real estate development and investment. With a commitment to smart growth, the urban landscape and innovation, Coro Realty continues to demonstrate its leadership in the market with the successful execution of quality investments. It provides investment, asset management, leasing and property management for a myriad of commercial and residential properties throughout the Southeastern United States. Coro Realty oversees approximately 50 properties valued in excess of a billion dollars. For more information, visit cororealty.com.
About Miller Lowry
Founded in 2003, Miller Lowry Developments delivers high-end residential homes, urban mixed-use, commercial and multi-family projects in historic and iconic submarkets in and around Atlanta. For more information, please visit millerlowry.com.
