Reinforcing concrete parapet?
A lot depends upon the nature of the cracked part of the concrete. If that is just a thin piece cracked from the surface then that piece will almost certainly crack when trying to drill into it. But that said if the underlying bulk of the concrete is intact for a good thickness of four to five inches then it would likely be able to hold the anchor that you described. 

On the other hand if the crack shown in your picture has cleaved the whole corner of that part of the concrete then you will not have a good result trying to drill into that area. 

There is really no good solution to how to reinforce that area without outright replacement. Since this is part of a roof there are limited options.