KB HOME ADDS URBAN DIVISION MAJOR BUILDER TO SERVE BUYERS FLEEING BURBS.Byline: Gregory J. Wilcox Staff Writer Targeting metropolitan markets in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and transportation corridors like those created by the Orange Line, KB Home on Wednesday introduced an urban division that will build mid- and high-rise developments. Called KB Urban, the new division of the Los Angeles-based company will focus on high-density, mixed-used projects. The company, known for its single-family developments throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , has been building condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. homes in France for 20 years. Bruce Karatz, the company's chairman and chief executive officer, said potential sites have already been identified in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. . ``We hope to have something soon to talk about in the Warner Center area,'' he said. The Orange Line busway, which will officially open Saturday after practice runs, cleaves the Valley on an east-west route, from Woodland Hills to North Hollywood, and offer mixed-used development opportunities along the way. ``We have a lot of experience with the concept, but we really didn't apply it in California in a big way until now,'' Karatz said. KB Home named veteran real estate executive Jeffrey Gault n. 1. (Geol.) A series of beds of clay and marl in the South of England, between the upper and lower greensand of the Cretaceous period. president of the new division. Gault, a licensed architect and general building contractor building contractor n → contratista m/f de obras building contractor n → entrepreneur m (en bâtiment) building contractor , was previously president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. at Empire Companies in Ontario. Gault noted that the region presents countless opportunities for mixed- used projects. ``The market clearly shows a trend and demand for condominiums and an urban lifestyle,'' he said in a printed statement. Target buyers will range from young and single professionals - wishing to live closer to work, transportation and retail outlets - to retirees moving from the suburbs to the city. Mixed-use projects have shops or offices on the lower floors and residential housing on the upper floors. Developers and some politicians favor this concept as a partial solution to traffic congestion The condition of a network when there is not enough bandwidth to support the current traffic load. congestion - When the offered load of a data communication path exceeds the capacity. because, in theory, residents could live close to their jobs. And it's getting harder for big builders like KB Home to assemble large swaths of land for tracts of houses in areas that have been built up. Gregory E. Gieber, an analyst at A.G. Edwards & Sons Inc. in St. Louis, said that mixed-used projects should be popular in areas like coastal Southern California, which has stellar housing prices and bad traffic congestion. Gieber said developers like KB Home need to be wary of speculators who could influence the market. ``In certain markets, it could be a critical aspect of success,'' he said about urban development. ``We think there is demand if properly executed.'' Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com |
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