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Clark Realty Builders Celebrates Opening of The Gramax with Ribbon-Cutting Ceremony

July 6, 2004

SILVER SPRING, Md. — Clark Realty Builders (CRB), the third largest multifamily builder in the nation,* and RST Development of Rockville, MD recently celebrated the grand opening of The Gramax Building in Silver Spring, Md. CRB converted the 15-story former office building into apartments for repeat client RST Development.

Clark Realty Builders Celebrates Opening of The Gramax with Ribbon-Cutting Ceremony Press Release Image

Gramax Towers

Guests at the June 18 ribbon-cutting ceremony included Montgomery County Executive Doug Duncan and other county officials and representatives from the U.S. Department of Housing and Urban Development. Designed by A.R. Meyers and Associates of Silver Spring, Md., floor plans include 24 efficiency units, 94 one-bedroom units, and 62 two-bedroom units. One two-bedroom and three one-bedroom units are on the penthouse level. Individual apartments feature washers/dryers and average almost 1,000 square feet each. Community amenities include first floor retail space, a fitness center, and on-site parking.

The Gramax Building, built in 1964, had been unoccupied since the mid-1980s. In addition to the interior demolition and reconstruction, CRB restored the exterior brick skin. The conversion is scheduled for final completion in the summer of 2004.

Located at 8060 13th Street in downtown Silver Spring, The Gramax Building is within walking distance of the Silver Spring Metro station on the red line. The development is being financed in part by a HUD-insured loan.

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* Clark Realty Builders, L.L.C. (CRB) is a national, multifamily general contractor recently ranked as the third largest such firm in the U.S. by Builder magazine.

About Clark Realty

The Clark Realty companies offer a full spectrum of services to the real estate industry including investment, development, construction, property management, and capital markets.