News | Press Releases | Immediate Release

November 12, 2002 For More Information:
Joy Lutes 877.846.7760
Lincoln/Clark Celebrates Opening of The Village at NTC with Ribbon-Cutting Ceremony
California Congresswoman Susan Davis welcomes new military residents

Lincoln/Clark Celebrates Opening of The Village at NTC with Ribbon-Cutting Ceremony
SAN DIEGO — A ribbon-cutting ceremony recently held at The Village at NTC celebrated the opening of the 500-unit townhome community for military families. Congresswoman Susan Davis, Assistant Secretary of the Navy Wayne Arny, and Rear Admiral Jose Betancourt were among those present to commemorate the opening of the new neighborhood on San Diego Bay in Point Loma.

The Village at NTC is part of an innovative public-private venture (PPV) with the Department of the Navy designed to relieve the current military housing shortage by utilizing the resources of private markets. The Navy's partnership is with Lincoln/Clark, a joint venture between Clark Realty Capital of Bethesda, Md., and Lincoln Property Company of Dallas.

"We are very proud to welcome this distinguished group of guests to celebrate our grand opening," stated Jim Forburger, Clark Realty Builders (CRB) vice president. "This project is truly a great example of how a public-private venture should work." CRB recently received Certificates of Occupancy for Phases One and Two of NTC, welcoming the first 125 sailors and their families to their new homes.

The Village at NTC is being constructed approximately three miles north of downtown San Diego on part of the former Naval Training Center site. The new townhomes feature a "neo-traditional design" with front porches and rear-loaded garages. Torti Gallas and Partners - CHK, Inc. of Silver Spring, Md., designed the two- and three-story Spanish Colonial townhomes. The homes average 1,450 square feet each and offer a range of floor plans. The community is situated on the corner of Rosecrans Street and Nimitz Boulevard, and will include seven acres of opened landscaped areas, swimming pool, amphitheatre, community rooms, workout facilities, barbecue/picnic areas, tot lots, and an elementary school site.

The Lincoln/Clark partnership raised more than $260 million to improve the quality of life for the thousands of military families confronting long commutes and rents beyond the reach of enlisted personnel. The largest initiative yet between the Department of Defense and private developers, the PPV is now managing 2,660 existing family housing units, building the 500 new townhomes at The Village at NTC, and replacing 812 existing units at Cabrillo Heights in Serra Mesa with 900 new units. When complete, the portfolio will encompass 3,248 units.

Clark, the largest privately held general building contractor in the country and one of the largest national builders of residential housing, is managing the design and construction of the 1,400 new units. The apartments are being managed by Lincoln Property Company, the nation's third largest manager of multifamily units.

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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 in the nation. Clark is currently building the San Diego Padres stadium, the new $107 million Manchester Grand Hyatt in San Diego, and a new $83 million trolley station at San Diego State University. Clark is also performing a $113 million seismic retrofitting of the Los Angeles City Hall and a $51 million seismic replacement of the biomedical research laboratory at the University of California Los Angeles (UCLA) campus. The Clark companies are headquartered in Bethesda, Md., with regional offices strategically located throughout the United States.

About Lincoln Property Company

Established in 1965, Lincoln Property Company is one of the nation's top residential and commercial developers with properties in 200 cities across the country. A full-service real estate firm, Lincoln has developed over 98 million square feet of commercial space and 164,000 multifamily residential units. The company also manages over 100,000 residential units and 150 million square feet of commercial space and recently began developing residential and commercial real estate internationally.