Centex Destination Properties Introduces 'Urban Village' Concept With Purchase of 'Urban Village Las Vegas'

New Concept to Feature Condominiums, Shops, Restaurants, Fitness Centers,

Jogging Paths and Parks for First Self-Contained Community in Las Vegas



Nov 29, 2005, 00:00 ET from Centex Destination Properties

    LAS VEGAS, Nov. 29 /PRNewswire/ -- Reinforcing its commitment to provide
 first class, innovative master-planned resort communities, Centex Destinations
 Properties today launched its "urban village" concept with the purchase of the
 first phase and conceptual plans of "Urban Village Las Vegas," a 50-acre,
 $1.5 billion project at the corner of Las Vegas Blvd. South and Pyle Ave., in
 Las Vegas, Nevada.  "Urban Village Las Vegas," the first project of its kind
 in Las Vegas, is expected to include five neighborhoods featuring
 approximately 2,400 condominium homes including brownstones, high-rises,
 live-work spaces, flats, lofts and condo hotel units.  In addition, the
 project is planned to include shops, restaurants, services, a resort-style
 pool complex, a fitness center, jogging paths and parks, providing future
 residents with a unique self-contained community.
     "The 'Urban Village' concept is redefining city living by giving residents
 lifestyle choices, price options and a sense of community," said Paul
 Stashick, president of the West Division of Centex Destination Properties.
 "Urban Village residents will live and play in a place that offers the best of
 both worlds -- the convenience of urban living in the entertainment capital of
 the world along with the intimacy of village life," he continued.
     "The Urban Village is designed for people who want the physical and
 emotional benefits of living in a resort-village setting," continued Stashick.
 "Residents will be able to step outside their living spaces and have access to
 active lifestyle choices such as biking, jogging, fitness centers, cafes and
 entertainment lounges, in addition to a village center where they can meet and
 socialize.  According to our research, these resort-style amenity packages are
 not available in most communities, but research shows great demand for this
 concept."
     Locally, Centex Destination Properties is known for developing the
 Sorrento, Tramonto and V luxury communities at Lake Las Vegas.  With anchor
 properties at both ends of The Strip, Centex Destination Properties sees Las
 Vegas as the centerpiece of its "Urban Village" strategic initiative.
     "The Urban Village is one of the concepts helping define Centex
 Destination Properties' strategic direction," Stashick continued.  "We plan to
 take this concept to additional markets and create similar villages that
 reflect the unique qualities of other cities.  We are also exploring unique
 cross-marketing relationships with prestigious brand-name retail and
 entertainment partners that will greatly enhance the concept and provide even
 more choices for buyers," Stashick said.
     In addition to this planned activity on the south end of The Strip, this
 past September, Centex Destination Properties, together with Gary Tharaldson,
 created a limited liability company to acquire a property previously known as
 the Westward Ho Hotel and Casino on the north end of The Strip.  According to
 Stashick, the company will work with its neighbors and other stakeholders to
 develop plans for the Westward Ho site.  Details about the project will be
 released in the coming months.
 
     About Centex Destination Properties
     Centex Destination Properties (www.centexdestinationproperties.com)
 develops highly amenitized resort communities in the continental United States
 and Hawaii.  Centex Destination Properties is part of Centex Homes, a
 subsidiary of Dallas-based Centex Corporation.  Centex (NYSE:   CTX), a Fortune
 250 company founded in 1950, is one of the nation's leading home building
 companies.  Centex Homes operates in major U.S. markets in 25 states and
 delivered more than 33,000 homes in the United States in its most recent
 fiscal year ended March 31, 2005.
     In addition to its home building operations, Centex's (www.centex.com)
 related business lines include mortgage and financial services, home services
 and commercial construction.  These businesses provide operational or
 financial support to home building operations and are leaders in their
 respective industries.  Centex ranks No. 1 in its industry on FORTUNE
 magazine's 2005 list of "America's Most Admired Companies."
 
 

SOURCE Centex Destination Properties
    LAS VEGAS, Nov. 29 /PRNewswire/ -- Reinforcing its commitment to provide
 first class, innovative master-planned resort communities, Centex Destinations
 Properties today launched its "urban village" concept with the purchase of the
 first phase and conceptual plans of "Urban Village Las Vegas," a 50-acre,
 $1.5 billion project at the corner of Las Vegas Blvd. South and Pyle Ave., in
 Las Vegas, Nevada.  "Urban Village Las Vegas," the first project of its kind
 in Las Vegas, is expected to include five neighborhoods featuring
 approximately 2,400 condominium homes including brownstones, high-rises,
 live-work spaces, flats, lofts and condo hotel units.  In addition, the
 project is planned to include shops, restaurants, services, a resort-style
 pool complex, a fitness center, jogging paths and parks, providing future
 residents with a unique self-contained community.
     "The 'Urban Village' concept is redefining city living by giving residents
 lifestyle choices, price options and a sense of community," said Paul
 Stashick, president of the West Division of Centex Destination Properties.
 "Urban Village residents will live and play in a place that offers the best of
 both worlds -- the convenience of urban living in the entertainment capital of
 the world along with the intimacy of village life," he continued.
     "The Urban Village is designed for people who want the physical and
 emotional benefits of living in a resort-village setting," continued Stashick.
 "Residents will be able to step outside their living spaces and have access to
 active lifestyle choices such as biking, jogging, fitness centers, cafes and
 entertainment lounges, in addition to a village center where they can meet and
 socialize.  According to our research, these resort-style amenity packages are
 not available in most communities, but research shows great demand for this
 concept."
     Locally, Centex Destination Properties is known for developing the
 Sorrento, Tramonto and V luxury communities at Lake Las Vegas.  With anchor
 properties at both ends of The Strip, Centex Destination Properties sees Las
 Vegas as the centerpiece of its "Urban Village" strategic initiative.
     "The Urban Village is one of the concepts helping define Centex
 Destination Properties' strategic direction," Stashick continued.  "We plan to
 take this concept to additional markets and create similar villages that
 reflect the unique qualities of other cities.  We are also exploring unique
 cross-marketing relationships with prestigious brand-name retail and
 entertainment partners that will greatly enhance the concept and provide even
 more choices for buyers," Stashick said.
     In addition to this planned activity on the south end of The Strip, this
 past September, Centex Destination Properties, together with Gary Tharaldson,
 created a limited liability company to acquire a property previously known as
 the Westward Ho Hotel and Casino on the north end of The Strip.  According to
 Stashick, the company will work with its neighbors and other stakeholders to
 develop plans for the Westward Ho site.  Details about the project will be
 released in the coming months.
 
     About Centex Destination Properties
     Centex Destination Properties (www.centexdestinationproperties.com)
 develops highly amenitized resort communities in the continental United States
 and Hawaii.  Centex Destination Properties is part of Centex Homes, a
 subsidiary of Dallas-based Centex Corporation.  Centex (NYSE:   CTX), a Fortune
 250 company founded in 1950, is one of the nation's leading home building
 companies.  Centex Homes operates in major U.S. markets in 25 states and
 delivered more than 33,000 homes in the United States in its most recent
 fiscal year ended March 31, 2005.
     In addition to its home building operations, Centex's (www.centex.com)
 related business lines include mortgage and financial services, home services
 and commercial construction.  These businesses provide operational or
 financial support to home building operations and are leaders in their
 respective industries.  Centex ranks No. 1 in its industry on FORTUNE
 magazine's 2005 list of "America's Most Admired Companies."
 
 SOURCE  Centex Destination Properties