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Clark Realty Builders Starts on The Gramax Building in Maryland

July 15, 2003

SILVER SPRING, Md. — Clark Realty Builders (CRB), the third largest multifamily builder in the nation,* recently started a $15 million renovation of The Gramax Building in Silver Spring, Md. CRB is converting the 15-story vacant office building into apartments for repeat client RST Development of Rockville, Md. The first apartments will be available for lease in the spring of 2004.

Clark Realty Builders Starts on The Gramax Building in Maryland Press Release Image

Gramax Towers

The Gramax Building, built in 1964, has been unoccupied since the mid-1980s. Interior demolition work was recently completed under the supervision of CRB, and the exterior brick skin will also be restored. The conversion is scheduled for completion by early 2005.

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 will feature washers/dryers and average almost 1,000 square feet each. Community amenities will include first floor retail space, a fitness center, and on-site parking.

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.