The P3 Group, Inc’s, Brownstone Estates Subdivision, To Give Marion, Arkansas and Crittenden County a Significant Economic Boost
NEW YORK, NY, November 18, 2022 /24-7PressRelease/ — Today, Brownstone Estates of Marion, LLC, a wholly owned subsidiary of The P3 Group, Inc. has acquired 75 acres of land in Marion, Arkansas 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, AR.
“The approximately $60 Million development will have a significant economic impact on the city of Marion, AR and Crittenden County,” according to Dee Brown, President & CEO of The P3 Group, Inc. Brown also stated that, “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.”
City officials, like Marion Arkansas Mayor Frank Fogleman, believe this project could be the first step in rewriting the narrative of Marion. “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.”
Mr. Brown is also the Founder and Chairman Emeritus of the nonprofit Brown Foundation Community Development Corporation. Their purpose is to build stronger communities by fostering economic development, providing affordable housing, eradicating hunger, and increasing access to education.
While the city patiently awaits groundbreaking, which is slated for March of 2023, the possibilities are endless. This housing subdivision brings hope for future developments in the place many have called home all their life. This new beginning is not only wanted but needed.
About The P3 Group, Inc.
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 design, build and finance 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.
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