Hyman Korman acquired the Hamilton Farm in Northeast Philadelphia for residential development.
1920's
Hyman Korman acquired additional farms and started building homes. Max Wm. Korman and Samuel J. Korman (sons) joined him and started larger developments in the Frankford, Northwood and Lawndale sections of Northeast Philadelphia.
1930's
Hyman Korman, Inc. was incorporated in 1933. The company added apartment and shopping center developments to its home building houses during the Depression. They provided mortgage loans to their customers during that period.
Max Wm. and Samuel J. Korman acquired Frankford Coal & Oil Co.
1940'sHyman Korman Inc., under the direction of Max Wm. Korman, pioneered residential and commercial development in Northeast Philadelphia. Building was discontinued during 1943-1945.
After WWII residential development accelerated and moved northward. Frankford Supply Co., under the direction of Samuel J. Korman, became the major building material supplier in the Delaware Valley. Landsdale Brick Co was acquired during this period.
1950'sLarge scale residential & commercial development continued in Philadelphia, Lower Moreland and Abington Townships. Max's son Berton E. Korman, rejoined Hyman Korman, Inc. after completing his military service in the Army Corps of Engineers.
1960's
Major land parcels acquired for residential and commercial development in Northeast Philadelphia, Bucks County, and southern New Jersey entered into a Joint Venture with Reynolds metals Co. to develop the largest urban renewal project in the country (comprised of 5,000 homes and apartments, two shopping centers, and a business park). Development started in Parkwood Manor, a 2,200 unit community in Northeast Philadelphia; in Neshaminy Valley, a 5,000 unit community in Bucks County, PA; and in Cherrywood, a 3,000 unit community in southern New Jersey, Development started on Interstate Industrial Park in Bellmawr, NJ.
Korman organization also built the Neshaminy Mall in Bucks County, as well as the Plaza, a 28 story apartments tower on the Benjamin Franklin Parkway in Center City, Philadelphia. Korman also assembled sizable tracts of land in Center City Philadelphia; Montgomery, Bucks, Burlington and Delaware Counties. These tracts, in part, provided sites for three major PUD developments containing over 10,000 house and 6,000 apartments. Developed Salem Harbour, and 800-unit waterfront apartment community on the Delaware River in Andalusia containing an executive golf course, tennis courts, clubhouse, and marina.
1970'sKorman started its furnished suite program to meet the needs of its corporate customers. Development continued throughout Pennsylvania and New Jersey emphasizing resort style living.
Meadowbrook, a golf course community in Abington Township, PA, became another flagship property. The first tower at buttonwood Square was developed. Acquisitions included Meadow Wick apartments and Marshall Wood in Pennsylvania, and Hidden Cove in Maryland. Construction commenced at The Neshaminy Interplex Business Park. The company expanded Interstate Industrial Park to over two million square feet.
1980'sJohn P. Korman (Bert's son) joined the company in 1980. Office and shopping center development accelerated. The company opened a life care community in Bucks County, PA. Korman entered into a Joint Venture with Resorts International to develop housing near Atlantic City, NJ. Carolyn and James (Bert's daughter and son) joined the company. The Builders Group was assembled to accelerated activity in the company's land bank. The company refinanced and syndicated certain entities in the residential portfolio. The second tower at Buttonwood Square was completed. Major shopping center in Southwest Philadelphia opened. The Company spun off its construction activities and utilized construction managers going forward. The Plaza Apartments were converted to the Palace Hotel in partnership with Trusthouse Forte.
1990's
Land developments continued in PA, NJ, and DE. Airport Interplex hotel development accelerated. Repurchased most of the apartment entities syndicated in the 1980's. Korman investigated corporate refinancing alternatives.
A service company and three new operating companies were formed along family lines to continue the activities of the Korman Corporation going forward. These were to become the growth vehicles for the 4th generation.
Korman Residential Properties, led by Berton E. Korman, and James S. Korman, continued development and management of many entities in the Korman portfolio as well as pursuing new opportunities. Activities included a half a billion dollar refinancing program which allowed for the repositioning of certain family assets.
Korman Residential expanded its relocation program nationally to service its corporate clients short term furnished housing needs.
2000'sThe company continues to focus on customer services and financial performance at all of its communities. The company website has been technologically upgraded, enabling online rental payments, online services requests, and online leasing.
Korman Residential undertook third party management of 1,000 units along the Main Line in Pennsylvania, preceding its acquisition of three additional Main Line apartment communities (Whitehall, Wayne Manor, and Edgehill Court) as well as Pine Grove Townhomes in Hatboro, PA.
Korman Residential acquired Chestnut Hill Tower, a high-rise located in the Chestnut Hill section of Philadelphia, PA. The repositioning strategy was implemented with substantial benefits for both residents and its equity holders.
Korman Residential acquired Stratford Apartments; a garden townhome and mid-rise property located in Wilmington, DE. The repositioning strategy was implemented allowing for a major refinancing - again all parties involved benefited.
Bert Korman remains Chairman as John P. Korman was elected CEO and James S. Korman was elected President of Korman Residential Properties. James was also elected President of the Pennsylvania Apartment Association.
Key Personnel were recruited to strengthen management capabilities which allows for additional geographical growth. In 2006 the company expands its operations through acquisitions into surrounding markets and developments in Florida. Korman Residential Properties is actively pursuing assets in outside markets that meet the company's high standards.
