KB Home, Cascades Park Properties to Break Ground on 550-Home Golf Course Community in San Fernando Valley

New Fire Station, Extend Equestrian Trails and Additional Community

Improvements Planned

Mar 10, 2005, 00:00 ET from KB Home

    LOS ANGELES, March 10 /PRNewswire/ -- KB Home (NYSE:   KBH), one of the
 nation's premier homebuilders, and Cascades Park Properties broke ground today
 on a new single-family attached community, which will be KB Home's largest in
 the City of Los Angeles.  The Legends at Cascades will include 550 for-sale
 residences located around the 18-hole Cascades Golf Club.
     The new community will be adjacent to the famous Sylmar Cascades, where in
 1930 William Mulholland proclaimed "There it is, take it," as water cascaded
 for the first time through the final leg of the Los Angeles Aqueduct into the
 City of Los Angeles.
     Situated near the 210, 14, 5 and 405 freeways, the community will provide
 residents with easy access to nearby employment centers in the San Fernando,
 Santa Clarita and Antelope Valleys.  In addition, The Legends at Cascades will
 help address the significant housing shortage in the east San Fernando Valley.
     "As Southern California's population grows and the demand for housing
 continues to rise, the availability of affordable, high-quality new homes in
 this area of the San Fernando Valley will benefit hundreds of families and
 individuals seeking a unique community experience in a beautiful natural
 setting," said KB Home Chairman and CEO Bruce Karatz.  "With the addition of a
 new fire station, upgraded equestrian trails and other neighborhood-enhancing
 amenities, The Legends at Cascades is an excellent example of KB Home's
 commitment to building communities and enhancing the quality of life for all
     A new Los Angeles City Fire Station -- Station 31 -- will be built by
 Cascades Park Properties and will serve the greater Sylmar area.  The
 8,400-square foot station at Foothill and Balboa Boulevards will feature
 drive-through apparatus bays designed for three fire trucks, crew and
 captains' dormitories and a wellness room for fitness training.  Future plans
 call for the addition of paramedic services.  "This new station, which will
 have 10-12 personnel, will bring critically needed fire and life safety
 resources to the greater Sylmar community, which is long overdue," said
 Los Angeles City Fire Chief William Bamattre.
     Community Features
     The community is designed to meet the need for attractively priced new
 housing in the east San Fernando Valley; prices are anticipated to start in
 the $300,000s.  The home designs will include two- and three-bedroom
 condominiums in buildings ranging from duplexes to six-plexes.  KB Home will
 also build 55 price-controlled, "workforce housing" residences that will
 enable teachers, nurses, public sector employees and many others to live in an
 affordable, quality new home near their place of employment.
     "Creating quality housing for a growing workforce is a top priority for
 the city, and thanks to KB Home and Cascades Park Properties, many deserving
 families will be able to experience the American Dream of homeownership," said
 Los Angeles City Council President Alex Padilla, whose district includes
     The community, divided into six villages, is located along the Cascades
 Golf Course, a public 18-hole course that the developer is upgrading to
 include several additional par-4 holes, making it a championship-level course.
     "Upgrading the golf course is a big win for the community, and by making
 the course more challenging, we expect to attract avid golfers interested in
 golf course living," said Tom DiPrima, president of KB Home's Greater Los
 Angeles/Ventura Division.  "The golf course also features a beautifully
 designed clubhouse with a terrace overlooking the course, which we envision as
 a focal point for neighbors to gather for dining and socializing.
     "It has been a pleasure to partner with the team at Cascades Park
 Properties on The Legends at Cascades and we look forward to building with
 them one of the most premier communities in the San Fernando Valley," DiPrima
     Additional amenities that complement the history and character of this
 community include upgrades to adjacent equestrian trails, parks for community
 and recreational uses, and tot-lots for children.  Cascades Park Properties
 and KB Home are also designing the community to reduce traffic impact and
 incorporating environmentally sensitive construction methods.
     The land is fully entitled by the City of Los Angeles, and initial grading
 for streets and lots is now underway.  Homes are scheduled to open in late
 2005, with the delivery of the first homes scheduled for late spring 2006.
     "We expect the demand for homes in this neighborhood to be significant,"
 DiPrima said.  "Our interest list has started and we encourage others who may
 want to live here to sign-up by calling 888-KBHOMES."
     About KB Home
     Building homes for nearly half a century, KB Home is one of America's
 premier homebuilders with domestic operating divisions in some of the fastest-
 growing regions and states: West Coast -- California; Southwest -- Arizona,
 Nevada and New Mexico; Central -- Colorado, Illinois, Indiana and Texas; and
 Southeast -- Florida, Georgia, North Carolina and South Carolina.  Kaufman &
 Broad S.A., the Company's publicly-traded subsidiary, is one of the largest
 homebuilders in France.  In fiscal 2004, the Company delivered homes to 31,646
 families in the United States and France.  It also operates a full-service
 mortgage company for the convenience of its buyers.  Founded in 1957, and
 winner of the 2004 American Business Award for Best Overall Company, KB Home
 is a Fortune 500 company listed on the New York Stock Exchange under the
 ticker symbol "KBH."  For more information about any of KB Home's new home
 communities, call 888-KB-HOMES or visit http://www.kbhome.com.
      Derrick Hall: 310-231-4142
      Samantha Culbert: 310-689-7537