A new development planned near Interstate 85 could dramatically alter the landscape in eastern Coweta County.

Two Atlanta-based firms,Diplomat Companies and Kennedy Capital Group, LLC, announced this week they have entered into a joint venture partnership to build a one million square foot, $150 million multi-use development on a 125-acre tract in Coweta County.

The development is called Newnan Village Crossing and features three hotels, numerous restaurants, medical offices, an assisted residence facility, and retail stores, all set in a pedestrian-friendly environment of green space and walking paths.

“This site, prominently located at I-85 and Highway 34, offers more frontage and visibility to main travel arteries than any other land parcel in the area,” said R.C. Patel, CEO of Diplomat Companies in a press release this week. “We’re creating a lifestyle development; a master-planned community of buildings that are carefully designed to work together, while blending into their natural setting.”

Construction will begin by the end of 2007, with the first buildings scheduled for occupancy within a year.

“Newnan Village Crossing is a major economic commitment; the right project in the right location at the right time,” explained Marty Kennedy, chairman and CEO of Kennedy Capital Group. “We’re very bullish on the impact this development will have on enhancing the region’s already strong residential, commercial, and employment profile.

City of Newnan public information officer Gina Lau Snider said no official plans have been filed with the city yet, but developers have said the city could soon be receiving conceptual site plans.