Fairfax 2025 State of the Market

Chris Clemente founded the Comstock organization in 1985 and has guided its growth and diversification since its inception. Mr. Clemente managed the growth of Comstock as a private enterprise until the 2004 initial public offering of Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI), now known as Comstock Holding Companies®, Inc. (“Comstock” or “Company”). Since the IPO, Mr. Clemente has served as Chairman of the Board and Chief Executive Officer of Comstock and is the largest individual stockholder of the Company. Mr. Clemente chairs Comstock’s Executive Committee, which charts strategic direction, evaluates acquisition opportunities, and oversees strategic partnerships, including multiple public-private partnerships. Mr. Clemente is also Managing Member of Comstock Partners, LC (“Partners”), a family-owned, private company founded by Mr. Clemente in 1999 to focus on commercial real estate development and investment. Following its IPO, Comstock expanded its for-sale homebuilding operation into multiple key markets in the southeastern United States, while the commercial development operation of Partners remained focused on the Washington, DC market. Following the Great Recession, Comstock scaled back its for-sale homebuilding operation to focus solely on the Washington, DC market. Mr. Clemente managed the two companies as separate firms with distinct management teams and investment objectives until early 2018, when Comstock announced its plan to wind-down its for-sale homebuilding operation and refocus on commercial development, real estate asset management, and real estate related services. To execute this strategic plan, the operating platforms of Comstock and Partners were combined, and changes were made to the management team. To anchor the transition, Partners entered a long-term, cost-plus asset management agreement covering its portfolio of commercial properties, which had grown to include millions of square feet of stabilized buildings and development assets strategically located at key transit stations on Metro’s new Silver Line in the Dulles Corridor of Northern Virginia that have an estimated value at full build out of approximately $3 billion. Key assets included in the portfolio of managed assets, include; Reston Station, a 4.5 million square foot transit-oriented and mixed-use development covering nearly 40 acres surrounding the terminus station of Phase I of the Silver Line in Reston, Virginia, and Loudoun Station, a 2+ million square foot transit-oriented and mixed-use development located adjacent to the terminus station of Phase II of the Silver Line in Ashburn, Virginia. Mr. Clemente attended the University of Wisconsin and George Mason University where he studied Business and Psychology. Mr. Clemente and his wife, Tracy Schar, have been long-time supporters of numerous charitable organizations in the Washington, DC region that support international adoptions, foster care programs, and that provide educational, housing and other assistance to families and children in-need.

Eric Morales is the Maryland Market President of United Bank, a premier community bank headquartered in Greater Washington, D.C. As Market President, he is responsible for the management and operation of all nine United Bank offices in the Maryland Market, including maintaining client relationships and new business development. Morales has an extensive background in commercial real estate lending, having financed the acquisition and construction of multiple commercial and residential real estate projects in and around the D.C. metro area. He is also active in the local community, notably with United’s financial literacy programs, educating local youth through the Bank’s Teach Children to Save initiative, and volunteering with Junior Achievement Finance Park. He has also served on the board of numerous organizations, most recently with the Catholic Business Network of Montgomery County and the Arlington Chamber of Commerce. Additionally, Eric was a proud recipient of the Washington Business Journal’s 40 under 40 awards in 2024. Prior to his time at United Bank, Morales worked as a Financial Manager at TIER REIT, Inc. and a senior associate at EY. Morales holds both a Bachelor of Business Administration and a Master of Accounting degree from the University of North Carolina at Chapel Hill.

Victor Hoskins is President and CEO of the Fairfax County (Va.) Economic Development Authority (FCEDA). The FCEDA oversees growth of the largest economy in Virginia, which ranked no. 1 in the 2019 and 2021 CNBC “America’s Top States for Business” study. Previously, he directed economic development in Arlington County, Va., where he led the team that brought Amazon's second headquarters creating 37,500 jobs for Northern Virginia and 100,000 jobs for the Washington, D.C., region, attracting $4 billion in private capital investment and catalyzing creation of two major Technology Innovation Campuses to build the regional tech talent pipeline. Under Mr. Hoskins’ leadership, the FCEDA launched a multi-faceted talent initiative aimed at attracting, retaining, retraining and growing the workforce in Northern Virginia. With a master’s degree in City Planning from MIT and an Honors undergraduate degree from Dartmouth, he has held executive leadership ranks in real estate in both the public and private sectors. As Deputy Mayor of the District of Columbia, his team transformed Washington with projects such as City Center, the Wharf and Union Market. His career has taken him from Wall Street to Main Street, and he has expanded economies from Los Angeles/Long Beach to the Mid-Atlantic region. Mr. Hoskins is frequently chosen for lists of the most influential business leaders in Virginia and the Washington area. He is a popular public speaker on economic development and leadership topics, and he has been quoted in Fortune, Forbes and the Washington Post.

Mayor Catherine Read has lived in Fairfax City for over 24 years in the Daniels Run Woods, Providence Square, and Fairchester Woods neighborhoods. Her three children graduated from Fairfax High School, and she graduated from George Mason University with a B.A. in Government & Politics (’84). Catherine and her husband, Tom Greeson, are active in local and state politics and enjoy living in the Fairfax City community with their dog Reggie. In November 2022, she was elected Mayor of the City of Fairfax. She was sworn in on January 1, 2023, becoming the first female mayor in the city's history. As Mayor, she represents our city on the Metropolitan Washington Council of Governments, the Northern Virginia Transportation Commission, the Northern Virginia Transportation Authority, and the Northern Virginia Regional Commission. She also serves on the George Mason University's Schar School Alumni Chapter board and the Virginia Poverty Law Center's Advisory Board. Prior to becoming mayor, Catherine worked with numerous nonprofits on legislative advocacy at the state, local, and federal levels. She previously served on the boards of directors of Britepaths, Equality Virginia, NARAL Pro-Choice Virginia PAC, and GrandInvolve. She has been a proud Rotarian since 2008.

Scott is Managing Director and co-lead of the 12- person Northern Virginia Agency Leasing Team at Cushman & Wakefield. The team has over 16M RSF of active listings throughout NOVA. With over 20 years of industry experience, Scott has been part of numerous high-profile transactions throughout his career. Scott received his B.A. from the University of Delaware. He is on the Board of the Commercial Real Estate Brokerage Association “CREBA”, was awarded CREBA’s rising star in 2009, and has consistently been a top producer in NOVA.

Scott heads McGuireWoods’ Land Use Practice Group and is a leader in the Northern Virginia land use and development field. Scott’s practice focuses on land use and development issues in Northern Virginia, where he assists developers and landowners in navigating the land use entitlement process, including obtaining rezonings, special exceptions, special permits, variances, and comprehensive plan amendments. Scott’s creative and entrepreneurial approach to land use helps add value to client’s development projects. Throughout the land use entitlement process, Scott works to maximize development potential for his clients in a cost-effective and timely manner. In addition to new development, he also assists clients in amending existing development approvals to more closely align with changing market conditions. Additionally, Scott has experience navigating the approval process for repurposing of existing buildings and historic structures. Prior to obtaining his law degree and joining McGuireWoods LLP, he was an urban planner assisting developers and advising local governments on a wide range of land use and development issues. Scott also volunteers for a variety of community organizations and serves as a volunteer Cub Scout leader.

Gary is the Chief Investment Officer and a Partner of Meridian. Gary is responsible for acquisitions, capital activities and investor relations.  He also serves as Chair of the Investment Committee. Gary led the fundraising and investing efforts of Meridian Realty Partners I and II, Meridian’s discretionary private equity funds raised in 2012 and 2016. Between these two funds, Gary has completed in excess of $2.5 billion in investments with over $1 billion of equity in 15 transactions. With over 30 years of industry experience, Gary represented Meridian in its first 3 years of investments as a partner at Vinson & Elkins LLP in Washington, DC. He then headed up the Real Estate Fund’s Acquisitions Group as a partner at The Carlyle Group, where he led and completed over $12 billion of investments with $3.4 billion of equity in nearly 200 transactions. These included the acquisition, development, structured financing, and recapitalization of office, hotel, retail, residential, industrial, land, senior living, and mixed-use properties. He also led the firm’s efforts in the formation of Carlyle Realty Partners I, II, III, IV and V – an aggregate of over $5 billion in investor commitments – before joining The Meridian Group in November 2007. Gary received his B.A. from Vanderbilt University and his J.D. from The University of Texas School of Law. Gary is on the Advisory Board for George Washington University Business School's Center for Real Estate and Urban Analysis.

Eric is Vice President of Asset Management at Macerich, where he has spent the past decade shaping retail strategy across the enclosed shopping mall landscape. He oversees a portfolio of 25 million square feet of premier retail properties, including the iconic Tysons Corner Center—one of the nation’s leading fortress retail assets. With a background as a Certified Public Accountant, Eric brings a distinctive ability to harmonize the creative nuances of merchandising with the market demands of financial performance. Prior to joining Macerich, he launched his career in the Washington, D.C. metro area within Deloitte’s audit and assurance practice. A proud graduate of William & Mary and a Virginia Beach native, Eric has called Virginia home for most of his life.

A founding member and owner of SCG Development and its affiliated company Stratford Capital Group (the “Company”), Steve is responsible for the management and oversight of the Company’s property development activities. Committed to developing high quality affordable and workforce housing to support healthy, diverse communities, the Company has participated in the capitalization and development of over 290 properties comprising 35,000 apartment units across 45 states. SCG Development has active development projects in 12 states and maintains offices in Tysons, Virginia and Peabody, Massachusetts.  Steve is a frequent panelist at industry events and guest lecturer at various colleges and universities. He is a graduate of the University of Richmond with a bachelor’s degree in finance and holds an MBA from The George Washington University. Steve is a 35-year resident of northern Virginia and currently lives in Vienna with his wife, 3 kids and a dog.

Geoff is responsible for the development and redevelopment of Federal Realty’s core assets. With a background in urban design, he brings a design focus to developing the next generation of Federal’s retail and mixed-use properties. His responsibilities run from project conceptualization through design and construction to delivery, with a specific focus on master planning, entitlement and project management. Geoff has over twenty years’ experience in the industry. Prior to joining the company in 2020, he was a vice president for EDENS, where he led the company’s design and project management group. He oversaw the design, entitlement, permitting and construction of over twenty projects, including Mosaic (Fairfax, VA) and Union Market (Washington, DC). Previous to his work at EDENS, Geoff practiced urban design at RTKL Associates and EDAW. Geoff is a member of the Urban Land Institute and the American Society of Landscape Architects. He has won awards from the International Council of Shopping Centers, the National Association of Industrial and Office Properties, and the American Planning Association, among others. Geoff received a BA from Oberlin College and an MLA from the Harvard University Graduate School of Design.

David I. Schneider is a land use attorney in Holland & Knight's Tysons office. David focuses his practice on land use and real estate development where he assists developers and landowners in a wide variety of land use entitlements in jurisdictions throughout Northern Virginia. He effectively and strategically advises clients to help secure rezonings, special exceptions, special use permits, variances and comprehensive plan amendments. David’s experience includes mixed-use and transit-oriented development (TOD), senior housing, medical care facilities, and infill development. He also provides a range of experience advising purchasers, sellers and lenders in land use feasibility studies and due diligence. David adds value to clients' development projects with his holistic and creative approach to land use. From initial feasibility to final approval, he provides timely and cost-effective advice to maximize development potential while navigating the interpersonal aspects of development in this region. David serves on the Executive Committees of both the Tysons Community Alliance’s Board of Directors and NAIOP Northern Virginia's Board of Directors. As a native of Fairfax County, Virginia, David takes pride in helping the Northern Virginia region evolve through smart development. David currently resides in Fairfax County with his family. In 2023, David earned a spot in the Leadership Center for Excellence and Leadership Fairfax's 40 under 40 class, following his recognition in 2022 as part of the Washington Business Journal's 40 under 40 cohort. David received his B.A. from Tufts University and his J.D. from Emory University School of Law.

Tim Steffan joined Comstock Holding Companies®, Inc. (NASDAQ: CHCI) (“Comstock” or “Company”) in early 2018 as Executive Vice President of Asset Management, Leasing & Development. Mr. Steffan is responsible for management of the asset management, leasing, and development operations of the Company. As a member of Comstock’s Executive Management Committee, Mr. Steffan has played a key role in the development and execution of Comstock’s strategic plan and the recent reshaping of its management team in support of the 2018 transformation of Comstock’s operations from for-sale homebuilding to commercial real estate development, asset management, and real estate related service provider. While leading by example, Mr. Steffan’s results oriented management style inspires teamwork, creativity, integrity, and a collaborative work environment.

As the President & CEO of Donohoe, Chris Bruch assumes the critical role of directing the company’s vision and mission. Leading Donohoe’s executive team, Chris is instrumental in developing and executing the company’s long-term strategic plans. Since assuming the position of President & Chief Operating Officer from 2014 to 2017, Chris has guided Donohoe’s six operating divisions, managing a team of 1,800 employees, handling over $1 Billion in annual operating revenues, and overseeing $1.4 Billion in real estate venture holdings. Chris’s journey with Donohoe commenced in 1988 as a Project Engineer in Donohoe Construction. Over the years, he has contributed his expertise to four of the six operating divisions. Following his tenure in Donohoe Construction, Chris spent four years with Donohoe Real Estate Services (now Donohoe Commercial Real Estate), followed by nine years with Donohoe Development. In 2006, Chris played a pivotal role in establishing Donohoe Hospitality Services and was subsequently appointed its President. His extensive experience across multiple divisions has given him a comprehensive understanding of the company’s operations. Education/Certifications B.A., Political Science, The George Washington University PROFESSIONAL AFFILIATIONS Federal Center Plaza Corporation, President, COO, and board member The Economic Club of D.C., Programming Committee Federal City Council, Leadership Committee HEROES, Inc., board member The Kennedy Center, Capital Corporate Council IHG Owners Association, former global board member

Joe Giangrandi is a Principal whose projects range from small urban plazas to large scale urban design master plans for some of the nation’s leading developers. Joe has a distinct passion for cultivating the human experience within the built environment. It is from this passion that Joe created LandDesign’s in-house, 3D visual storytelling production studio that utilizes the latest technology to help our clients envision what a place can become.

Kathy Taylor is an Associate in Walsh, Colucci, Lubeley & Walsh’s Land Use and Zoning practice group, working closely with clients to secure various zoning and land use entitlements, including rezonings, special permits, special exceptions, and variances, for a wide range of complex commercial, residential, institutional, and mixed-use projects throughout Northern Virginia. Kathy provides thoughtful counsel to developers, commercial property owners, nonprofit organizations, religious and educational institutions, as well as private homeowners, through all stages of the development review process. Starting with zoning feasibility and due diligence, Kathy assists clients in navigating through both administrative as well as discretionary land use approval processes and offers guidance through post-entitlement issues. She also has extensive experience appealing and analyzing Ordinance Notices of Violation to determine appropriate remedies for compliance, including legislative and land use solutions. Frequently appearing before citizen associations, land use committees, advisory boards, planning commissions, and local governing bodies, Kathy has effectively collaborated with all stakeholders on developments to successfully obtain approvals across a variety of jurisdictions and project types.