Henry Cisneros, Chairman of American CityVista, and Bruce Karatz, Chairman of Kaufman and Broad Home Corp. (NYSE:KBH), formally announce the beginning of construction of their 600-home "Lago Vista" community in San Antonio only 12 weeks after launching their American CityVista joint venture.
Additionally, the companies have been selected by Forest City Stapleton Inc. to build homes on the Stapleton Airport site in Denver. Cisneros and Karatz will present details at a joint news conference today at 11AM CST in San Antonio.
"The vision Henry and I shared together in August is becoming a national reality even faster than we expected," says Karatz. "Public officials and business leaders have been very receptive to the American CityVista concept of turning overlooked land within city limits into beautiful new high tech communities that many homebuyers can afford. We are proud of Lago Vista as the first realization of this idea."
Lago Vista represents the first new residential development on a major scale on the south side of San Antonio in over 40 years. It will also be one of the only neighborhoods in the city to provide homes wired for the future.
"We created this project for people who want a modern residence, but in a traditional setting similar to the neighborhood they grew up in," says Cisneros.
Lago Vista will offer other amenities homebuyers want, including comfortable porches, distinct Texas design features, sidewalks, picket fences and close proximity to schools, churches and shops. The first models will be available for inspection and homes can be purchased beginning January 20, 2001, ranging from mid-$70s to-mid-$120,000.
"We have made a special effort to create a 21st Century community that will help families bridge the digital divide," Cisneros says. Lago Vista will be wired with high quality voice and data lines, and Southwestern Bell will make available both high speed DSL and basic phone service.
American CityVista and Univision have partnered to offer a computer with an internet portal for potential homebuyers. American CityVista is also working to offer a package of community and school internet programs. American CityVista will work with the South San Antonio School district to maintain and enhance its technology links. Kaufman and Broad is initiating the effort with a $10,000 contribution to the District's technology programs.
Cisneros has worked closely with city, school district and community college officials to "ensure that Lago Vista students have the best access to learning," he says, starting with a special "Excellence Track" and technology tools linking Lago Vista with the South San Antonio School District.
Fannie Mae, Kaufman and Broad and American CityVista also announced a $30 million investment to help residents of San Antonio's' South Side access new opportunities for home ownership. Aurora Ortega-Geis, Director of Fannie Mae's San Antonio Partnership Office said, "Fannie Mae is proud of this exciting partnership, which will give middle income families the option of buying a brand new home in a convenient, close-in neighborhood."
Kaufman and Broad and American CityVista have also been selected by Forest City Stapleton, Inc. to build homes on the Stapleton Airport site in Denver. Kaufman and Broad is projected to build homes in the first phase of the residential development. Both Kaufman and Broad and American CityVista will build homes in subsequent years, as the project proceeds towards its goal of building up to 12,000 residential units, approximately 8,000 of which will be homes for sale. American CityVista will also play a role with Forest City to create financing programs, to widen homeownership opportunities for low- and moderate-income Denver residents who want to live in the Stapleton area.
Los Angeles-based Kaufman and Broad Home Corporation is a Fortune 500 Company and one of America's premier homebuilders, with operating divisions in Texas, Arizona, California, Colorado, Nevada, and New Mexico. Kaufman & Broad S.A., the Company's majority owned subsidiary, is one of the largest homebuilders in France. Over 22,000 families bought Kaufman and Broad homes in 1999. The Company also operates a full service mortgage company for the convenience of its buyers.
Print and Broadcast Interviews are Available With Henry Cisneros and Bruce Karatz October 30-Nov 1; Photos of Mr. Cisneros and Mr. Karatz On a Job Site Can be Downloaded Through wirepix.com or www.newstream.com
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07:29 EST OCTOBER 31, 2000