Large swath of downtown Hapeville land sells, green-lighting project

Josh Green

Tue, 10/29/2024 – 15:55

A significant swath of land near historic downtown Hapeville has sold in a deal that sellers say will push the ITP city’s revitalization efforts forward.

Real estate investment and management company Coro Realty Advisors closed Friday on the sale of the second half of a large land assemblage it had pieced together between 2020 and 2022, all positioned between Hapeville’s artsy commercial core and Hartsfield-Jackson Atlanta International Airport.

The latest sale included 18 lots totaling 8.5 acres. The buyer is Charlotte-based Terwilliger Pappas Multifamily Partners, which plans to erect a five-building apartment community called Solis Hapeville with retail on site. The purchase price wasn’t disclosed.

Coro Realty partnered with Miller Lowry Developments four years ago to buy 60 parcels totaling 16 acres along Chestnut and Elm streets in Hapeville. (Main Street Partners once assembled about 80 parcels in the same area to build a New Urbanist hub called “Ashbury Park” that was later nixed by the Great Recession.)

The partners sold the first half of the assemblage in late 2022 to Texas-based D.R. Horton, the country’s largest homebuilder. D.R. Horton is planning to build more than 100 townhomes on another 8.3 acres immediately west of the Solis project.

Plans for Solis Hapeville submitted to city officials earlier this year show 310 rentals taking shape in five wood-framed, garden-style buildings at 3558 Elm St., each standing three or four stories.

Plans for the Solis Hapeville project’s Porsche Avenue facade.Terwilliger Pappas; designs, Dynamik Design

How street retail (at bottom) is expected to be worked into plans. Terwilliger Pappas; designs, Dynamik Design

The main structure would include about 8,500 square feet of retail spaces fronting Porsche Avenue, plus a clubroom. Another would see a sky lounge.

The Solis project, as drawn up by Dynamik Design, would also include two ancillary buildings used as standalone parking garages. Plans called for 470 parking spaces across the property overall—or 139 more than what Hapeville requires, according to project filings.

Previously, Mill Creek Residential appeared ready to close and break ground on the same property for a 300-unit venture called Modera Hapeville that had earned unanimous approval from the Hapeville Planning Commission. But Mill Creek officials opted to back away earlier this year, citing constrained capital markets and “unforeseen delays in the acquisition of a key city-owned land parcel” at the site’s corner.

Overview of the planned five-building community. Terwilliger Pappas; designs, Dynamik Design

The Solis Hapeville site plan, with the main building shown at right. Terwilliger Pappas; designs, Dynamik Design

Elsewhere in the metro, Terwilliger Pappas is behind another 214-unit Solis project in downtown Gainesville, and the residential component of the Parkside on Dresden development that’s opening in Brookhaven now.

In Hapeville, other residential developments recently delivered, or in the pipeline, near downtown include a 285-unit multifamily project called SCP Hapeville, 68 rental townhomes along main-drag North Central Avenue, and a relatively dense single-family enclave called the Stillwood.

Also nearby, Porsche completed its $50-million track expansion last year, while Atlanta Postal Credit Union and Center Parc Credit Union are investing in a 135,000-square-foot, Class A office headquarters that broke ground in spring 2023.

Even more significantly (we jest), Hapeville is continuing its reign for at least two more months as the Urbanize 2023 Best of Atlanta tourney champion.

The 60 lots assembled by Coro Realty and Miller Lowry Developers four years ago are positioned between Hapeville’s main commercial thoroughfare, North Central Avenue (top right), and the airport.Courtesy of Coro Realty

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