Time to Build: D.C. Region Major Projects Update

As CEO since 1988, Jim is truly the heart of the company, and views each and every person at DAVIS as family. For over 30 years, his foresight, intelligence, and genuine passion have helped transform a small family business into a nationally recognized construction leader. Jim’s pride in the company’s reputation for honesty and integrity is absolute; a reputation supported by the belief that corporate responsibility extends well beyond the bottom line. He consistently demonstrates this by his commitment to improving the quality of life for all employees and their families, as well as the community where we live and work through his involvement with the National Building Museum, Samaritan Inns, Boys and Girls Club of Greater Washington and the DC Students Construction Trades Foundation. Jim strategically oversees operations and key project development, exemplifying teamwork, and his commitment to quality and excellence in service. As a fourth generation construction industry leader, Jim reflects the principles of hard work and innovation in everything he does. His well-honed instincts are invaluable, and his experience and perspective are essential as the company moves forward. His pride in continuing the good work his father began is abundantly clear and inspirational to all who work at DAVIS.

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.

Jay Kelly serves as a Vice President in Foulger Pratt’s development group. Mr. Kelly joined Foulger Pratt in April 2021 to lead the company’s redevelopment efforts at Landmark Mall. Prior to joining Foulger Pratt, Mr. Kelly spent six years at JBG Smith Properties overseeing the day-to-day development operations of several high profile mixed-use projects including 1221 Van Street (DC), West Half (DC), Eckington Yards (DC) and 1900 Crystal Drive in National Landing. Prior to JBG SMITH, Mr. Kelly served as an Assistant Vice President at the New York City Economic Development Corporation. He received a BA in Public Policy Analysis from Duke University and an MBA from Wharton and a JD from the University of Pennsylvania Law School.

Founded in 1986 by David von Storch, Urban Adventures Companies is a Washington, DC based lifestyle company of three integrated and affiliated businesses: Health & Wellness, Beauty & Style, and Dining & Entertainment. David has devoted his professional life to create, develop and operate businesses in the DC metropolitan area. Founded in 1986, David started Urban Adventures Companies (UAC) a Washington, DC based lifestyle company of three integrated and affiliated businesses: Health & Wellness, Beauty & Style, and Dining & Entertainment. The mission of Urban Adventures is to help DC area residents live more interesting, exciting and healthy lives. From health clubs to spas & salons to restaurants & exclusive pool clubs, Urban Adventures' unique offering of products, services, and experiences makes our clients' lives more fulfilling and enjoyable. The company's goal is to take care of you, make you look great, and reward you each and every day. Health and Wellness: VIDA Fitness opened its first location in the Capital One Arena in August 2006 and now operates six locations in Washington, DC and Virginia (U Street, Logan Circle, City Vista, Gallery Place and the Yards in Washington, DC and in Ballston, VA). Aura Spa is located within the five of the six VIDA locations. SweatBox, a studio fitness concept that improves cardiovascular endurance while building lean muscle mass and improving flexibility, launched in spring 2016 and operates at two of six VIDA locations. The 7th location of VIDA Fitness, to include Aura Spa and Sweatbox, is scheduled to open in West Rosslyn, VA, 2021. Beauty and Style: Bang Salon, a funky, hip and high-volume salon opened on U Street in 2001. In 2006, Bang teamed up with VIDA Fitness and is now located in four VIDA locations. Dining and Entertainment: David co-founded and is President of Capitol City Brewing Company, and started Capitol City in 1991 and continues to operate its original location across from City Center in DC. Penthouse Pool Club, a membership-only pool club with full food and beverage service, including event facilities, first opened in 2012 and is now in two of VIDA's six locations. The full integration of these three business units - VIDA Fitness, Bang Salon, Aura Spa and Penthouse Pool Club - came to fruition at the company's flagship location on U Street in 2011. This integrated urban lifestyle concept was expanded to The Yards in the fall of 2014 and future locations are under active development. Previously, David was founder and President of DAKOTA Nightclub/MONTANA Caf�. The highly successful restaurant/bar/nightclub opened in 1987 in the Adams Morgan neighborhood of Washington, DC. Prior to that, David was the Assistant Director, Project Finance, for The Rouse Company (now General Growth Properties). David received a Master's in Business Administration from Harvard University and a Bachelor of Arts degree from the University of North Carolina as a Morehead-Cain Scholar.

Rachel Flynn is the Deputy County Executive of Fairfax County – overseeing seven departments: Planning, Building, Transportation, Economic Initiatives, Public Works, Code Compliance, and Environment & Energy. She joined Fairfax in 2019. Prior to moving to Fairfax, Rachel worked for Google as Director of Planning and for Lennar/FivePoint Communities as Vice President in Northern California. Previously, Rachel directed planning and development efforts for the cities of Oakland, CA, Abu Dhabi, UAE, Richmond, VA, and Lynchburg, VA. She practiced architecture for over twelve years with Cannon Design in New York, Boston, Toronto, and Washington, D.C. She has been honored with numerous awards from civic and professional organizations for successful master plans, downtown revitalization, historic preservation, environmental initiatives, and innovative technology programs.  Rachel holds degrees from Harvard University and Catholic University.

Evens Charles is the founder and managing principal of Frontier Development & Hospitality Group LLC. A native of Washington, D.C, Mr. Charles attended Temple University in Philadelphia, Pennsylvania where he was a Big East Conference Division-I football athlete. During his five-year athletic tenure at Temple University, he earned a B.A. in Psychology and a Master of Education. Shortly thereafter, at the age of 25, Mr. Charles was inspired by his landlord to execute his first small transaction that required an out-of-pocket investment of $1,000 resulting in a $25K profit six months later. Mr. Charles organically grew over a ten-year period by executing several successful residential and multi-family acquisition and development projects, then by the age of 36, made his first hotel investment. He has since grown Frontier to over a $200 million capitalized portfolio of Hilton and Marriot Internationally branded hotel assets across six states, with another $560 million of urban infill, commercial real estate development in its pipeline. Some of his recent accomplishments includes being recognized as the lead developer of DMPED’s 2021 award of the Hill East Bundle II Project, which is 1.2 million square feet of waterfront, mixed-use development in Washington DC; The 2021 Business of the Year by Prince Georges County Bi-County Business; 2019 Black Enterprise largest 100 Black Owned Businesses in the nation and the 2019 Outstanding Entrepreneur Award by the Caribbean American Heritage. He has been featured in various publications including Hotel Business, Lodging Magazine, Black Enterprise & Business Journals across multiple cities. He has an endowed scholarship in his name at Temple University targeting underserved students, supports many philanthropic causes and serves as a mentor to many. He is also a member of Temple University’s School of Hospitality & Tourism Board of Visitors, member of the Real Estate Executive Council (REEC), as well as industry organizations such as the National Alliance of African American Hotel Owners and the Asian American Hotel Owners Association.

Mr. Smith serves as a Managing Director and COO for Trammell Crow Company’s MidAtlantic Business Unit and is responsible for setting the strategic direction of the business and overseeing the fi nancial, risk management, and human resource functions. He is also responsible for sourcing new development deals and managing projects through the entire development process, including initial concept planning, design, fi nancing, construction, leasing, and disposition. Before moving to the Washington, DC market in early 2005, Mr. Smith worked for the Company’s Chief Investment Offi cer, where he focused on corporate fi nance and M&A activity for the Company, including the eventual merger between Trammell Crow Company and CBRE. Mr. Smith has experience across a range of product types including offi ce, multi- family and retail. Mr. Smith’s strong background in fi nance and acquisitions, combined with his attention to detail and disciplined approach to project management, helps ensure that the client’s interests are protected throughout the development process. Mr. Smith currently manages development projects totaling over 4 million SF, including: The Dalton, a 270-unit luxury apartment project in Alexandria, VA; Century, a 2.4 million SF mixed-use project in Germantown, MD; and Armature Works, a 2.5-acre development in Northeast Washington, DC.

Evan J. Weisman is President of Donohoe Development Company where he directs the day-to-day operations of the division and works with all internal disciplines to meet and exceed project objectives. Evan joined Donohoe in 2018 following many years of success working in real estate development. Evan has led the development of millions of square feet of both public and private commercial development projects during his career. His experience includes the development, redevelopment, renovation, and interior improvement of many property types, including office, retail, hotel, and mixed-use. Prior to joining Donohoe, Evan served as Senior Development Manager for Corporate Office Properties Trust (COPT) where he oversaw new development and repositioning projects. Prior to COPT, Evan served as Director of Development for First Potomac Realty Trust where he oversaw the planning, design, and construction of all major renovation and new development projects throughout the REIT’s portfolio. Evan began his career as a Development Manager for DRI Development (Transwestern), a leading private developer in the DC region.

Sarosh Olpadwala is the Director of Real Estate in the Office of the Deputy Mayor for Planning and Economic Development in the District of Columbia. He is responsible for overseeing the inter-agency acquisition, asset management, leasing, disposition and strategic planning of a portfolio of 74 District-based development projects worth over $11 billion. Located across all eight District Wards, the projects vary in size from small-scale neighborhood retail to the 100 acre St. Elizabeths East Campus Redevelopment to the $4 billion initiative to reclaim the long-neglected Anacostia Waterfront. In addition to the real estate portfolio, his office includes the Office of Public Private Partnerships (OP3) and manages special economic development finance vehicles for the District, such as Tax Increment Financing (TIF). Sarosh measures his agency's success primarily in the maximization of public value and community benefits negotiated into land dispositions, including additional affordable housing, underserved community economic development, job creation and small and local business development. He leads a team of development managers who provide an open, transparent, responsive and service-oriented department for the residents and businesses in the District of Columbia. Prior to his appointment to the Office of the Deputy Mayor, Sarosh’s career spanned both the public and private sectors, including positions with Norcross Boldt, the U.S. General Services Administration (GSA), Cherokee Investment Partners and Clark Construction. He earned both his bachelor’s degree in Operations Research & Industrial Engineering and an MBA from Cornell University.

Kristin Connall is a vice president of development for Akridge and is responsible for coordinating all aspects of commercial real estate development activities from acquisition to completion, including financing, entitlements, design, construction, marketing, and leasing. Kristin has more than ten years of experience in the commercial real estate industry. Since joining Akridge, she has overseen The Stacks, a proposed 2.1 million-square-foot mixed-use development located in the Capitol Riverfront’s Buzzard Point neighborhood on the Anacostia River. The project is adjacent to DC United’s new Major League Soccer stadium, Audi Field and will contain approximately 2,500 residential units as well as retail, hotel, and office space. Phase 1 of The Stacks broke ground in 2022. Prior to joining Akridge, Kristin was in commercial real estate lending with CapitalSource, then transitioned to commercial real estate acquisitions and development at StonebridgeCarras, where she worked on the entitlement of a 1.2 million-square-foot mixed-use project in Alexandria, VA. She has held subsequent development roles at Forest City and EastBanc, overseeing urban mixed use projects in Southeast and Northwest Washington, DC. Prior to her real estate career, Kristin worked for two of the largest private equity firms in the Washington region, American Capital and Allied Capital, where she evaluated both existing and prospective middle market investments. Kristin is an active member of Urban Land Institute (ULI), and participated in the ULI Young Leaders Mentorship Group from 2013 to 2015, and ULI’s NEXT program from 2018 to 2020. Kristin graduated Magna Cum Laude from Boston College with a Bachelor of Science degree in Finance and Marketing. She earned her MBA in Finance and Economics from The University of Chicago, Booth School of Business.

Ms. Hartley assumes day-to-day responsibilities for a comprehensive range of complex development activities specific to one or more projects, to expedite and ensure project completion according to specifications. Katie currently oversees many facets of a transformative 6-acre, multi-phase development in Washington, D.C., The Stacks, including the recapitalization, retail development, coordination of stakeholders, and key project decisions. Katie recently worked in consultation with the parent company’s CEO and other staff to establish and execute the development plan for a comprehensive historic renovation of the Stephen Girard Building in Center City Philadelphia from an office building to a boutique hotel, including a historic tax credit financing capital structure. Previous projects also include the repositioning, releasing and refinancing of The Bloc, a 4-acre mixed-use project in Downtown Los Angeles, CA. Upon completion of the renovation, the revitalized retail center was filled with a robust line-up of tenants and the hotel was recognized as the Sheraton Grand Los Angeles, a higher echelon within the Sheraton brand. With a strong understanding of the entitlement, design, financing, leasing and construction processes, Ms. Hartley manages development staff and works closely with design, construction and development professionals to carry out project objectives. Throughout her tenure at National, Katie has remained dedicated to working toward adding value to owners, development partners, and project stakeholders. Katie joined the parent company in 2011, working as a Real Estate Analyst providing market research and investment underwriting support. In 2013, when National Development was formed, Katie transferred to work as a Development Associate and has since been promoted to Development Manager and now Development Director. Previously, she worked in Virginia at Fairfax County’s Department of Planning and Zoning, held internships with KishimotoGordonDalaya Architecture and Devereaux and Associates, and was an Environmental Litigation Support Intern with the Beacon Group, LLC. Ms. Hartley earned a Bachelor of Science in Urban & Environmental Planning and a Bachelor of Arts in Economics from the University of Virginia.

As part of the finance team, Marshall focuses on originating and structuring institutional debt and equity for all property types including office, multifamily, industrial, and retail. Marshall has over a fifteen years of experience in commercial real estate finance having served as Senior Vice President for SunTrust Bank, and as an Investment Officer for Capital Source LLC. In these roles, he oversaw the originating, underwriting, and closing of real estate loans for CRE developers and investors throughout the Washington, DC Metropolitan Region. Marshall received a Bachelor of Arts degree from the University of Colorado at Boulder and a Masters of Business Administration in Real Estate from the University of Wisconsin at Madison.

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.

Mike Proctor is the market president for the Arlington/Alexandria region of United Bank, a subsidiary of United Bankshares, Inc., a nearly $30 billion bank holding company. He is responsible for the management and operation of all United Bank offices in the Arlington/Alexandria areas, including client relationships and new business development. Proctor has financed the acquisition and construction of multiple commercial and residential real estate projects in and around the D.C. metro area. In addition, he has worked with various operating companies to provide working capital and term financing. He is a graduate of the RMA-ECU Commercial Lending School, past chairman of the United Bank Leadership Development Program and a member of the Board of Directors of the Northern Virginia Chamber of Commerce. Prior to his role as market president, Proctor served as a commercial lender and a credit analyst with United Bank. He graduated with a degree in finance from West Virginia University.