Centex and Shea commit $50 million to Washington's largest planned community

PIERCE COUNTY, Wash., April 25, 2006 - Two of the nation's leading homebuilders have committed $50 million for 336 home sites at Cascadia, the 5,000-acre Pierce County development that will be the largest, planned community in the state of Washington.

Centex Homes and Shea Homes have signed purchase and sale agreements for 142 lots and 85 lots, respectively, with Shea taking options for 109 more home sites. Cascadia is 12 miles southeast of Tacoma and 18 miles from Seattle-Tacoma International Airport.

"We are delighted to have our nation's top homebuilders join the Cascadia team," said Patrick Kuo, Cascadia's president and chief executive officer. "Centex and Shea, which represent high quality and value, share our dream of creating a world-class community with homes, schools, parks, jobs, recreation, cultural activities and so much more - truly the best in ideal living."

Kuo added that local and regional builders also will have significant opportunities to build homes in the new community, providing diversity in terms of architecture, features and price.

The 336 committed home sites are approximately one-fourth of the 1,719 residential lots in Cascadia's first phase. Centex and Shea are expected to build homes sized from 1,500 to 4,000 square feet, with prices ranging from the mid-$200,000s to more than $600,000. Both builders have committed to a three-star "built green" standard, in keeping with Cascadia's commitment to foster sustainable development and take special care of the environment. The sold home sites offer a variety of lot sizes and view amenities in pedestrian-friendly neighborhoods, most of which are in proximity to the new 500-plus-student Sumner elementary school and 30,000-square-foot retail town center. The lots also are nearby nearly 50 acres of parks, playfields and two large lakes that mark Cascadia's entrance. The development's first phase will have a total of 460 acres of parks and open spaces.

Kuo acknowledged Robert L. Purser Jr., division president of Centex Homes, Richard J. Obernesser, vice president/Washington area manager of Shea Homes and Steven E. Ahrens, chief financial officer of Cascadia, for finalizing the lot agreements. First closings and title transfers to the homebuilders are expected to occur in the spring of 2007 after Cascadia completes site improvements, including roads, utilities and other neighborhood features. Home sales will begin shortly thereafter, with Cascadia's first residents and businesses expected to take occupancy in 2007 to 2008 and the elementary school opening in fall 2008.

About Cascadia:
Cascadia is a new 5,000-acre community in Pierce County, which will provide 6,500 home sites, a business and industrial park, a resort-quality hotel and conference center, up to three 18-hole golf courses, a town center with retail stores and restaurants, seven schools and some 1,280 acres of parks and open space. At the foothills of Mount Rainier and with views to Commencement Bay, Cascadia has been inspired by the world's greatest communities and is dedicated to offering a totally balanced living environment. Classified as an employment-based planned community, Cascadia (www.cascadiacorp.com) will be Washington's largest planned community, creating an estimated 10,000 jobs over its 20-year build out. Development financing for Cascadia is provided by Seattle-based Home Street Bank.

About Centex:
Dallas-based Centex Homes, founded in 1950, is one of the nation's leading home building companies. Centex operates in major U.S. markets in 25 states and delivered more than 38,000 homes in the United States in its most recent fiscal year ended March 31, 2006. In addition to its home building operations, Centex's (http://www.centex.com) related business lines include mortgage and financial services, home services and commercial construction. Centex consistently ranks among the most admired companies in its industry, according to "Fortune" magazine. Locally, Centex is a two-time JD Power award winner for customer satisfaction and was named a 2005 Builder of the Year award winner by the Master Builders Association for King and Snohomish County. About

Shea Homes:
Founded in 1881 and celebrating its 125th anniversary, Shea Homes is driven by a passion to build the finest-crafted homes and communities throughout America, with current building projects in California, Arizona, Colorado, Washington, and North and South Carolina. In the Puget Sound area, Trilogy at Redmond Ridge is one of Shea Homes' resort communities, providing an exciting upscale lifestyle in a stunning natural setting. Shea (www.sheahomes.com), the largest privately owned homebuilder in the United States, was named one of "America's Best Builders" for 2005 by the National Association of Home Builders and "Builder" magazine. Over the past century, the J.F. Shea family of companies also has worked on such landmarks as the Golden Gate Bridge, the San Francisco Bay Area's Rapid Transit System, or BART, and the Hoover Dam.