KB Home today announced the creation of a new high-density and mixed-use division that will operate under the name KB Urban. KB Home, which delivered 31,646 homes in 2004 and is expected to deliver more than 38,000 this year, also announced it has named veteran real estate executive Jeffrey Gault as president of the new division.
The addition of KB Urban will enable the company to add mid- and high-rise products to KB Home’s portfolio, offering the style and comfort of its traditional homes in a new and convenient urban setting.
“We have experienced tremendous success with the expansion of our product diversification, including the introduction of attached homes,” said KB Home Chairman and Chief Executive Officer Bruce Karatz. “KB Urban will offer high-density housing opportunities where people can live and work in city centers while enjoying a high-quality lifestyle.”
Gault is an accomplished and recognized force in the real estate industry, with more than 30 years experience at some of the nation’s most respected institutions. He joins KB Home from the Empire Cos. based in Ontario, Calif., where he served as president and chief operating officer since 2002.
A licensed architect and general building contractor, prior to the Empire Cos. he was a real estate partner with affiliates of the Pritzker Family of Chicago; a managing partner for SunAmerica Realty Partners, controlling $1 billion in real estate assets; executive vice president for Home Savings of America, and director of real estate for the company, where he oversaw real estate operations including land development, home building, corporate real estate properties, commercial property development and joint ventures.
A member and past trustee of the Urban Land Institute, Gault received his bachelor’s in architecture from the University of California at Berkley in 1967 and his master’s in environmental design from Yale University in 1969. He is a member of the American Institute of Architects, the University of California Fisher Center Real Estate Board, the Wharton Real Estate Center, the American Institute of Certified Planners, and the International Council of Shopping Centers.
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