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Clark Realty Builders Breaks Ground on Salem Fields

September 6, 2001

FREDERICKSBURG, Va. — Clark Realty Builders (CRB)* recently broke ground on Salem Fields in Fredericksburg, in the developing Chancellors area. One of six projects for repeat client RST Development, Salem Fields will include 139 townhome units when complete. Clark Realty Builders has now worked with RST on a total of 900 townhome units in Virginia and Maryland, including three projects currently under construction.

Clark Realty Builders Breaks Ground on Salem Fields Press Release Image

Salem Fields

Salem Fields is a VHDA tax-credit project offering affordable, spacious units with an average of 1,600 square feet each. The 23 two-story buildings will provide a choice of three- or four-bedroom floor plans, both with two and a half baths. Every townhome also features a large kitchen, washer and dryer, and patio. Community amenities include a clubhouse with a pool and tot lot.

The project is being constructed on Smith Station Road, within walking distance of a public school and close to a large community library, historic downtown Fredericksburg, and a variety of shopping centers. The $9 million construction project is scheduled to begin leasing this Fall, with final completion in June 2002. The wood-frame townhomes were designed by Warner & Associates.

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About Clark Realty Builders (CRB)

Clark Realty Builders (CRB) is a national, multifamily general contractor which was recently ranked as the sixth largest such firm in the U.S. by Builder magazine. CRB had revenues of $200 million in the year 2000, with 80% of its work from third-party owners and developers. CRB is a subsidiary of Clark Enterprises, Inc., which also owns The Clark Construction Group, the nation's largest private general building contractor with approximately $2 billion in annual revenues. More information about CRB can be found on the Internet at www.clarkrealty.com.

About Clark Realty

The Clark Realty companies offer a full spectrum of services to the real estate industry including investment, development, construction, property management, capital markets, and advisory. More information about Clark Realty can be found on the Internet at www.clarkrealty.com.