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Clark Pinnacle Receives Congressional Approval for Development Plan for Fort Irwin/Moffett/Parks

November 26, 2003

Fort Irwin, Calif. " The U.S. Army and Clark Pinnacle Family Communities received approval this month from the U.S. Congress to implement their Community Development and Management Plan for Fort Irwin, Moffett Field, and Parks Reserve Forces Training Area (RFTA), in California. As part of the U.S. Army's Residential Communities Initiative (RCI) Program, Clark Pinnacle and the U.S. Army have formed a unique public-private partnership to construct, renovate, and operate approximately 3,000 military family homes at Fort Irwin, Moffett Field and Parks RFTA. Clark Pinnacle Family Communities is a joint-venture between Clark Realty of Bethesda, Md., and Pinnacle, an American Management Services West LLC, of Seattle. Project closing is expected to occur in February of next year.

Clark Pinnacle Receives Congressional Approval for Development Plan for Fort Irwin/Moffett/Parks Press Release Image

The Villages at Fort Irwin

The initial development plan, which spans eight years, calls for the construction of 715 new single-family and duplex homes at Irwin, 181 new townhomes at Moffett, and 114 new single-family homes at Parks. Award-winning architect Torti Gallas and Partners CHK of Silver Spring, Md., designed the Irwin homes in a desert Southwest style, and the Moffett and Parks homes in an indigenous Mission style. All new homes will be EnergyStar-compliant and have two-car garages, and a majority of homes will have an additional outdoor parking space adjacent to the garage.

A new mixed-use town center at Fort Irwin will house retail space and 200 new senior unaccompanied housing units. This is the first time the Army has privatized senior unaccompanied units. All three sites will receive new or renovated neighborhood centers. An additional new 25,000-square-foot community center is proposed for Irwin. At Moffett, the development plan includes restoration of nine historic 1933-vintage homes and the addition of a third bedroom to 66 of the 126 existing townhomes.

Construction is expected to begin in mid-2004 at Parks and Irwin, and in late 2004 at Moffett. The first homes at Parks and Irwin will be delivered in the second quarter of 2005, and the first Moffett homes will be delivered in late 2005.

In addition to this project, Clark Realty is developing, building, and renovating military family housing at the Presidio of Monterey and Naval Postgraduate School in Monterey Bay, California; at the Naval Complex in San Diego; and at Marine Corps Base Quantico and Fort Belvoir in Virginia. By 2004, Clark Realty Capital will have raised more than $2 billion in debt and equity for these developments. When these projects are complete, Clark Realty Builders will have constructed or renovated more than 10,000 military family homes.

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About Clark

Founded in 1906, the Clark organization has become one of the country's premier developers of multifamily housing and is the largest privately held general building contractor and the third largest multifamily builder in the nation. The Clark companies are headquartered in Bethesda, Md., with regional offices strategically located throughout the United States.

About Pinnacle

Pinnacle, an American Management Services West LLC, is an international real estate investment management firm headquartered in Seattle. Pinnacle provides both multifamily residential and commercial real estate owners and investors with a broad scope of realty services, including the acquisition, disposition, rehabilitation, property management, financing, and repositioning of real estate assets.