$60 million subdivision planned for Marion
MARION, Ark. (KAIT) - A new housing project is hoping to give communities in the Arkansas Delta a sigh of relief.
Brownstone Estates of Marion, a subsidiary of The P3 Group, Inc., has acquired 75 acres of land to develop a 188-home subdivision which will be named Brownstone Estates.
Founded in 2013, P3 is the nation’s largest African American public-private partnership real estate developer. They design, build and finance government facilities and infrastructure using tax-exempt and taxable bonds.
According to content partner Talk Business and Politics, P3 started a contract with DR Horton, the largest U.S. home builder, who will purchase the lots and construct the 188 homes.
Officials said the prices are expected to range from $260,000 to $400,000 and will help with the housing shortage in Crittenden County.
“The P3 Group, Inc. will construct the public infrastructure, which includes water, sewer, sidewalks, streets, curbs, and gutter, and bring each lot to final grade,” said Dee Brown, The P3 Group Inc. President and CEO. “The public infrastructure will be donated to the city of Marion who will operate and maintain and collect property taxes on the lots and homes.”
Brown is the founder and chairman emeritus of the nonprofit Brown Foundation Community Development Corporation. Their mission is to transform neighborhoods into safe and thriving communities.
Marion Mayor Frank Fogelman said this project could be the first step to rewriting the narrative of the small Arkansas town.
“Additional home choices for our residents are always welcome news and the additional homes add to the attractiveness of our city,” he said. “It is good news to learn of this step in the process of moving Marion forward.”
Groundbreaking for the project is scheduled for March 2023.
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