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
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 residents." 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 Cascades. 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 said. 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. Contact: Derrick Hall: 310-231-4142 firstname.lastname@example.org Samantha Culbert: 310-689-7537 email@example.com
SOURCE KB Home
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