KB Home and Martha Stewart Living Omnimedia, Inc. are entering into a partnership to build a co-branded community outside Atlanta. The community will be known as KB Home Hampton Oaks: Homes Created with Martha Stewart, and will open to the public on July 29, the Los Angeles-based homebuilder said.

The 480-acre former cattle ranch will sport an 800-home development with 17 different floor plans and will be available in one- and two-story homes, ranging from 1,900 to 4,600 square feet. The homes are priced from the low $200,000 to the low $400,000.

Among the features of the community will be a clubhouse, garden, a 100-year-old barn, hiking trails, tennis courts and swimming pools.

This marks the second agreement with Martha Stewart and KB. The first was announced this spring and is a 650-home development outside of Raleigh, N.C. There are also plans for a similar development outside of Houston to begin later this fall, according to Lindsay Stephenson, a spokeswoman for KB. That development will be called Woodcreek Reserve and will have 244 homes. KB also is looking to build a Stewart-branded development in Southern California, Stephenson said.

Earlier this year, Raleigh-based St. Lawrence Home entered into a co-branding agreement with Moline, Ill.-based Deere & Co., makers of John Deere equipment, to build about 62 homes in Chapel Hill, N.C., ranging in the low $300,000.

Since paying a 25-cent dividend on May 9h, KB's stock has dipped 34 percent to around $40 a share. It was up 3 percent in early trading Tuesday to $41.56.

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