Business Journal: New Condos For Downtown

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(Sacramento, CA)
Thursday, November 3, 2005

KB is the nation’s fifth-largest home builder … and sold more than 1,000 units in Sacramento last year. Now KB is forming a division called KB Urban. It will focus on mid-rise and high-rise projects in Sacramento and four other metro areas in California.
A company spokesman says that by next fall, it will be scouting sites to build condos that would sell in the $400,000 to $800,000 range … possible in buildings with offices and retail. D.R. Horton, the nation’s largest homebuilder, is already on track in downtown Sacramento … having won approval last month to build a 21-story condo project on I Street.

The homebuilders see the rising demand for downtown housing … coupled with expensive constraints on traditional homebuilding in the suburbs.