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Irvine Co. Proposes 4,500 Apartments as Six Irvine Sites

Irvine Co. Proposes 4,500 Apartments at Six Irvine Sites

While the Orange County city of Huntington Beach is at odds with California’s housing mandate, another OC city is accepting its requirement of adding over 23,000 new units by 2029. The City of Irvine and developer Irvine Company have drawn a “memorandum of understanding” that would see the firm pay $65 million in fees for the construction of 4,536 new apartments at six sites. 

If approved by the Irvine City Council, here’s where the residences would be located:

  • 1,261 at The Market Place on El Camino Real
  • 896 in two lots adjacent to Gateway, Pacifica and Barranca Parkway
  • 1,459 in Discovery Park along the I-5 Freeway at the Highway 133 interchange
  • 600 at a vacant site flanked by Gitano and Encanto Streets
  • 320 at the terminus of Technology Drive and Highway 133

According to the Orange County Register, 1,025 of the units will be designated as affordable. 

The projects are a potential win-win-win. The City of Irvine would take a major step to meeting state housing goals, the Irvine Company would benefit from income-generating housing near its Irvine Spectrum complex and Irvine residents will have more affordable homes available.


Inside The Story

Irvine Company

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.