Housing is a significant issue in many communities throughout the Arkansas Delta, and a major home building development is about to start in Marion. Brownstone Estates of Marion, a subsidiary of The P3 Group, Inc. has acquired 75 acres of land in Marion to develop a 188-home subdivision which will be called Brownstone Estates.
The P3 Group, Inc. has entered into a contract with DR Horton, the largest U.S. home builder, who will purchase the completed lots and construct 188 homes. Home prices are currently slated to range from $260,000 to $400,000 and will address the severe housing shortage in Crittenden County.
A groundbreaking for the project is tentatively scheduled for March.
“The approximately $60 million development will have a significant economic impact on the city of Marion and Crittenden County,” said Dee Brown, The P3 Group Inc. President & CEO. “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. 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.”
Marion Mayor Frank Fogleman said this project could be the first step in rewriting the narrative of the east Arkansas town.
“Additional home choices for our residents are always welcome news and the additional homes add to the attractiveness of our city. An available inventory of home choices is a key part of moving Marion forward and it is good news to learn of this step in the process of moving Marion forward.”
Brown is the founder and chairman emeritus of the nonprofit Brown Foundation Community Development Corporation. Its mission is to transform neighborhoods into safe and thriving communities, one project at a time.
The P3 Group, Inc. specializes in business, community, and urban development through the creation of Public-Private Partnerships, also known as P3’s.
Founded in 2013, The P3 Group designs, builds and finances government facilities and infrastructure using tax-exempt and taxable bonds as well as private placement memorandums. The P3 Group is the nation’s largest African American public-private partnership real estate developer.