MEMPHIS, Tenn.– As business and industry continue growing in Crittenden County, Arkansas, so does the need for affordable housing.
To meet that demand, a $60 million housing development is slated to go from the drawing board to reality in the heart of Marion, Arkansas.
The multi-phase development called Brownstone Estates will occupy 75 acres of land west of Interstate 55 and offer 188 homes ranging from $200,000 to $400,000.
The developer of the project says Brownstone Estates will help Marion and Crittenden County address a housing shortage brought on by growth in business and industry.
“You’re talking about Marion/West Memphis area that has a significant employee base, many of which are staying outside the market because there is not any available housing stock within the market,” said Dee Brown with real estate development firm The P3 Group.
Brown’s firm specializes in public/private partnerships.
“We develop projects that are pretty critical to communities either transforming or taking a step in the right direction,” he said.
Brown says Brownstone Estates has been in the planning stage for four months and will occupy land where a previous development was never completed.
“It gives us the opportunity to come in and take these parcels of land…create a new subdivision and complete a development that started some years ago,” he said.
Brown says the projected home prices for Brownstone Estates may seem a bit high but the finished products, all with modern amenities, will be consistent with new home prices in Marion. He calls the project a “win-win” for the city.
“Ultimately, when we complete the infrastructure improvements we’re going to donate those improvements to the city, who would be able to collect property taxes on completed lots versus undeveloped land,” he explained.
Brown says Marion’s city leaders are excited about the development. We tried to reach them but they were already gone for the holiday.
The groundbreaking for Brownstone Estates is planned for March of 2023.