Martha Stewart Living
inked another deal with
The expanded relationship is for the development of 244 Martha branded homes in Katy, Texas, in a rural area near Houston called WoodCreek Reserve. The homes, which are surrounded by 100 acres of nature, are scheduled to open this fall.
News of the enhanced arrangement sent Martha Stewart shares up 1.5% on Thursday. They were recently trading at $16.76.
The homes, some of which will be "Texas-sized" at up to 5,100 square feet, are priced from the high $200,000s to the mid $500,000s.
The original pact with KB was inked late last year. The first venture, KB Homes Twin Lakes: Homes Created With Martha Stewart, involved 650 houses built in Cary, N.C. In April, the company set plans to build another Martha-branded subdivision with KB in Atlanta.
The pact with KB costs Martha Stewart's company nothing, according to MSLO Chief Executive Susan Lyne, who said in April that she anticipated the KB homes deals to generate revenue of $12 million to $15 million for the company.
"I'm delighted to be creating, in collaboration with KB Home, another attractive new community of beautifully designed homes which are handsomely appointed and affordably priced. Set amid magnificent oak trees and winding hiking trails, WoodCreek Reserve is a unique and appealing development," said MSLO founder Stewart, in a statement.
Separately, the company announced earlier this week that it has teamed up with
in a merchandising deal that will make Martha photo products and accessories available through kodakgallary.com.