KB Home to Construct Mid-Rise Luxury Condo Building in San Francisco
KB Home (NYSE: KBH), one of the nation's largest and most recognized homebuilders, today announced that it has acquired property at 72 Townsend in San Francisco and has started construction on a highly-anticipated nine-story glass and steel frame luxury condominium building. Located in the heart of San Francisco's sought-after South Beach/SOMA district, the 74-unit building will provide its residents a lifestyle unique to any other location the city has to offer. KB Home's entrance into this major metropolitan market represents a natural extension of the company's urban focus and underscores the broad scope of the builder's continued strategic expansion of its Bay Area operations.
Featuring dynamic architecture, 72 Townsend will provide sweeping Bay views, concierge services, outdoor living spaces and other exclusive first-class amenities. Situated just blocks from major employers, as well as San Francisco's world-class entertainment and nightlife, 72 Townsend epitomizes the essence of Bay Area living. Iconic city landmarks like AT&T Park, the Embarcadero, the future home of the Golden State Warriors and the financial district are all within a two-mile radius of 72 Townsend.
The development of 72 Townsend is currently underway, with a grand opening scheduled for summer 2014. The condominiums, penthouses and one exclusive townhome available at KB Home's 72 Townsend will range between 810 and 2,859 square feet in size, with up to three bedrooms and two-and-a-half baths. Each residence will also include an underground parking space in the complex's secured garage, adding to its appeal.
KB Home is one of the Bay Area's most active homebuilders and has enjoyed many years of success building high-density, mid-rise, condominium and townhome-style communities throughout the region. Most recently, KB Home developed Vicino at San Jose's Santana Row, The Preserve in Redwood Shores, Laterra in Hayward and Monte Vista in San Jose. The builder is actively selling new homes throughout the Bay Area, with plans for future growth in all of its served markets including San Francisco.
“This acquisition, the first of what we anticipate will be many urban KB Home projects in San Francisco, has provided us with an excellent opportunity to expand our current Bay Area business and is a natural extension of our land buying strategy and vision for this region,” said Chris Apostolopoulos, president of KB Home's Northern California division. “San Francisco is one of the most desirable and beautiful cities in the country. It's more than a city — it's a destination, and with its premier location, myriad of custom design selections, charming historic past and luxurious amenities, we're confident 72 Townsend will be appealing to urban homebuyers.”
The building will further be distinguished by KB Home's Built to Order™ experience that will allow its residents the ability to customize their home, an option that is very unique to this type of construction in San Francisco. Those who choose to own a KB home at 72 Townsend can meet with a personal design consultant at the KB Home Studio, where they can personalize their home's décor to suit their lifestyle and taste.
Built in 1874, KB Home's 72 Townsend is the former site of Hooper's South End Grain Warehouse, the oldest one-story warehouse in the South End District that survived San Francisco's infamous 1906 earthquake and fires. KB Home will preserve the building's distinctive façade during the building process.
For more information about KB Home in Northern California and elsewhere, visit www.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.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.