The company wants to sell the master-planned site, known as City Ranch, as part of an asset-repositioning strategy. According to a KB Home spokesperson, the builder plans to shift away from master-plan development, as it focuses more on its core merchant home building business.
Although KB Home has put City Ranch on the block, KB Home SVP Albert Z. Praw says the company hopes to stay involved in the project after the land has been sold. "We remain committed to building homes in the market, and we would like to be a builder in City Ranch," he adds. "KB Home believes that the Antelope Valley offers a significant opportunity for new home development with solid growth potential."
KB Home, formerly Kaufman & Broad Home Corp., is California's largest homebuilding company and one of the biggest in the entire US. It specializes in building homes for first-time buyers and for current owners who are "moving up" for the first time.
The Antelope Valley, where the planned City Ranch will rise, is on the upswing again after suffering from cutbacks in its all-important aerospace industry that began in the late-1980s and continued into the early '90s. Economists note that while its aerospace business has recently picked up, it also has made important strides in diversifying its economic base over the past several years.
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