Coro Realty, Miller Lowry Development Acquire Dynamic Mixed-use Development Site
Friday, February 5th, 2021
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.”
