KB is assuming $46 million of American's debt but gets control of 4,000 lots with an estimated market value of $80 million, based on an average $20,000 per lot, local land brokers tell GlobeSt.com on condition of anonymity. Karatz and American Heritage officials couldn't be reached at GlobeSt.com's publication deadline.
KB plans to build a 20,000-sf showroom in a prime area shopping center by second quarter 2003. The KB Home Studio will offer data on the company's single-family and multi-family products, according to a published report.
American Heritage sold 800 homes in Orlando and Tampa last year with aggregate revenue of $140 million. KB sold 25,000 homes last year totaling $4.6 billion, up from $3.8 billion in 1999.
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