Prudent Development Corp

 

We are working to develop the currently owned land totaling 23+/- acres which is located within the City of Atlanta, more specifically the Adamsville area. This happens to be where the current mayor Andre Dickens grew up. We are looking to utilize the Affordable Housing Initiative, which the mayor is promoting, to aid in our anticipated successful venture. Currently, the land is zoned R-4 which is residential. We have engaged the City of Atlanta Zoning Department and they suggested that we apply for mixed use residential/commercial zoning. This process is currently underway. The property itself has recently been appraised in 2022 at 2 million dollars by Valbridge Property Advisors (Appraisal included in attachments). Also included, is the survey, a previous Letter of Intent from Builder D. R. Horton (we were seeking more favorable terms), and a preliminary development drawing estimating site buildout. We have also communicated with Andrea Boone the city councilwoman for the area, Mr. Kalifa Lee chairman of the NPU for the area, as well as other parties who have an interest in seeing a project such as this come to fruition.

1) The first approach is to rezone the site which immediately increases the value on the land and site because it can be utilized at a higher density than the current R-4 zoning. Investments are still covered because the land stands as the collateral. The land can always be sold to pay off all investors if need be.

2) The second approach is to follow through on developing the site by utilizing all available resources for affordable housing developments be they Federal, State of Georgia or City of Atlanta sponsored programs. Many exist and we are working our way through them to see which will apply to our situation.

We also have a Residential and Light Commercial Contracting Business (Overall Construction & Inspection, Inc.) and can perform all permitting as well as contracting on a project of this size. We are seeking 1.1 million dollars in investment capital for the project. We can offer a return of 18% interest on the funds from each individual investor. Expected payouts for returns on investments is within 12 months. We are sending this out to several potential investors to see how quickly we can reach our goal.

 

Thank you,
Frederick Reid 404-456-1979