KB Home (NYSE: KBH), one of the nation’s largest and most recognized homebuilders, today announced that it has purchased land from Brookfield Residential Properties Inc. in the master planned coastal community of Playa Vista. KB Home plans to construct more than 100 new luxury homes as part of Playa Vista’s exciting final phase of development. Well-familiar with this now-thriving community, KB Home has already enjoyed success with condominium homes in the first phase of development, including its award-winning LEED Platinum certified Primera Terra project which sold out earlier this year. “Playa Vista has become one of the crown jewels of Los Angeles’ Westside and we’re very pleased to be a part of its next evolution,” said Jeffrey Mezger, president and chief executive officer of KB Home. “Our new homes planned for the final phase of Playa Vista are designed to appeal to the discerning Westside buyer looking for a true haven to call home, nestled in a small-town atmosphere with the conveniences and excitement of a big city. Playa Vista already has so much going for it and we’re ready to help make it an even better place to live, work and play.” Indeed Playa Vista, one of the Westside’s most desirable zip codes is already home to over 6,500 LA residents, and KB Home is ready to “welcome home” even more Angelenos. Construction on KB Home’s new communities in Playa Vista will begin in the spring with three-story detached homes with as many as four bedrooms and three-and-a-half baths in up to 2,800 square feet. KB Home also plans to build contemporary single-level condominiums offering private elevator access to each home, with more than 2,000 square feet of living space and customizable interiors. Residents will enjoy the benefits of living in a well-established and pedestrian-friendly neighborhood ideally situated near the vibrant Westside communities of Marina Del Rey, Venice, Culver City and Santa Monica. The CenterPointe Club, a private resident activity center with a host of amenities including pools, a spa and gym, is within walking distance of the new KB Home projects, and a second all-new activity center is also planned in Playa Vista’s final phase. An additional 24 acres of new parks, walking trails and green space will link to the already massive network of recreational area in Playa Vista that also includes sports fields and courts, dog parks and performance venues. Families with children are served by the newly-opened Playa Vista Elementary School, a demonstration school in partnership with Loyola Marymount University
And it’s not just thousands of happy Angelenos who call Playa Vista home. Leaders in gaming, technology and marketing including Electronic Arts, Belkin, Facebook, YouTube and FoxSports.com are among those occupying more than two million square feet of office space in The Campus at Playa Vista. The Los Angeles Clippers professional basketball team has called Playa Vista home since the 2008 opening of their state-of-the-art training facility there. World-renowned aviator and business mogul Howard Hughes and his ‘Spruce Goose’ once called Playa Vista home as well. Today, the hangar space is part of the Hercules Campus and boasts one of the country’s largest soundstages. Advertising execs from up and coming firm 72andsunny along with other entertainment and media companies plan to move into Hughes’ old office space in The Hercules Campus in the coming months.
When Playa Vista professionals and residents are ready for dining out and entertainment, they soon won’t need to leave the neighborhood thanks to the planned “Runway at Playa Vista” lifestyle and entertainment district that new and existing KB homeowners will also enjoy. Construction on the center, which will become Playa Vista’s “downtown,” is anticipated to occupy the equivalent of four city blocks in the final phase and includes new restaurants and boutiques, a gourmet grocery store and 10-screen movie theater. “Runway” will provide a unique and modern addition to existing neighborhood services and conveniences that currently include banking and dry cleaning, Pilates and yoga, a coffee house, restaurants and a branch of the LA public library. KB Home, in business since 1957, also calls the Westside of Los Angeles home, with its corporate headquarters just a few miles away in Westwood, and is currently the largest publicly traded homebuilder in California based on homes delivered. Homebuyers enjoy KB Home’s signature Built to Order™ experience, during which they can choose their floor plan as well as many of the interior design elements like flooring, cabinetry, lighting and other finishing details. The homebuilder has also become a leader in the industry when it comes to sustainability initiatives, having constructed over 68,000 ENERGY STAR certified home nationwide. It constructed the first LEED Platinum certified homes in Playa Vista last year. KB Home’s approach to its new construction in Playa Vista is anticipated to be equally environmentally conscious and resource-efficient.To learn more about KB Home and register to receive updates on its new homes planned for Playa Vista, visit kbhome.com or call 888-KB-HOMES.
About KB Home KB Home is one of the largest and most recognized homebuilding companies in the United States. Since its founding in 1957, the company has built more than half a million quality homes. KB Home's signature Built to Order™ approach lets each buyer customize their new home from lot location to floor plan and design features. In addition to meeting strict ENERGY STAR® guidelines, all KB homes are highly energy efficient to help lower monthly utility costs for homeowners, which the company demonstrates with its proprietary KB Home Energy Performance Guide® (EPG®). A leader in utilizing state-of-the-art sustainable building practices, KB Home was named the #1 Green Homebuilder in the most recent study by Calvert Investments and the #1 Homebuilder on FORTUNE magazine's 2011 World's Most Admired Companies list. Los Angeles-based KB Home was the first homebuilder listed on the New York Stock Exchange, and trades under the ticker symbol "KBH." For more information about KB Home's new home communities, call 888-KB-HOMES or visit www.kbhome.com.
