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SILVER SPRING, MD-The $15 million redevelopment of a now-vacant office tower, known as the Gramax Building, has gotten under way with Clark Realty Builders at the helm. On behalf of RST Development, Clark will convert the nearly four-decade-old structure into a 180-unit apartment building. RST acquired the 155,000-sf property–valued at $2.7 million–earlier this month for $5 million.

Located in the city’s downtown area at 8060 13th St., the 15-story Gramax Building sits within one of the city’s enterprise zones where over $1 billion in revitalization efforts are planned. The building was once home to the Air Resources Laboratory Headquarters, but has stood empty for the last ten years or so. Upon completion of the redevelopment project, about 150 units at the new Gramax Apartments will be set aside as affordable housing. Montgomery County has contributed $4 million to the project, and the developer will receive additional funding through a federal tax credit and tax-exempt bonds. The first units are on target for completion in the spring of next year.

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