J Mark Grise

Pownal, VT (USA)
Role(s):
Founder/Owner/Principal

Pownal Property Development

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Location: Pownal
Industry: Construction
Year Founded: 2008
Number Employees: 1-10 people
Description: Pownal Property Development currently owns and operates Royal Pine Villa (RPV), a 70 Lot mobile home park in Pownal, Vermont. Currently RPV is underutilized and has only 36 lots producing rental income. Of the 36 Lots, RPV has 23 park owned mobile homes that produce various rental incomes ranging from $387/month to $550/month. The remaining units are tenant owned and draw a rental income of $287/mo. These 13 tenant occupied units are governed by the State of Vermont’s rules, regulations and guidelines regarding Mobil Home Parks and are essentially “Rent Controlled.” In 2006, the State of Vermont made a significant investment in RPV by extending the coverage of the Pownal Sewer System to include all 70 lots at RPV. The sewer system in conjunction with RPV’s drinking water system, electrical hook-ups and road system provides a robust infrastructure for potentially changing RPV from an under-utilized and dated mobile home park to a condominium community serving the communities dire need for permanent, affordable and low income housing Pownal Property Development will build a variety of energy efficient, highly flexible home designs to fit into RPV’s existing infrastructure. Phase 1 will be designed to supplement existing rental profiles on existing underutilized or empty lots. These efficiency units will be larger than the majority unit footprint of a 12’X 60’ mobile home. The unit cost for these permanent dwellings will be the approximate cost of an equivalent new mobile home in the $32,000 to $33,000 price range. In essence we will be building a permanent, energy efficient, mortgagable, condominium unit to replace the existing mobile home units. Anticipated rental income will be $6000 - $7000 per year per unit. The initial investment ROI for these rental units will be in the 5-6 year time frame. Phase 2 will incorporate different designs for 1 & 2 bedroom, 1 - 1-1/2 bath duplex units that will serve the small family affordable housing need. These units will be rented for Fair Market Value rent and may be subsidized by the VSHA Project-Based Voucher program where the subsidy is attached to the UNIT and NOT to the family. This flexibility allows us to tie into the 5 year waiting list of qualified candidates for low-income/affordable housing.