The Irvine City Council recently approved plans with the Irvine Company for adding 4,536 apartments to the Southern California city—22 percent of them deemed affordable.
During a March 14 city council meeting, councilors voted unanimously to approve a preliminary agreement with the real estate developer or a “memorandum of understanding,” which includes a $65 million payment—or $14,500 per unit—to the city in lieu of what’s known as Quimby Fees, which developers usually pay to offset density for local parks or recreation.
But under state law, such can be waived if a project includes “affordable” or below market rate homes.
California’s Department of Housing and Community Development has mandated Irvine zone for 23,610 units of housing by October 2029—with nearly 15,000 of such sold under market rate or “affordable,” based on income—as part of a mandatory housing plan, called a “housing element,” which is updated every eight years.
- Discovery & Oak Canyon: 1,459 units are proposed on a 29-acre site, with 244 for households earning less than the county median income. The site is across the I-5 Freeway from the Great Park, adjacent to Webster University.
- Market Place: 1,261 apartments on a 15.5-acre site with 200,000 square feet of empty shopping space, at the Jamboree Road Shopping Center. The development would include 211 affordable units.
- Spectrum: Two sites totaling 10 acres with 896 apartments—150 affordable—are proposed at Gateway and Pacifica.
- Los Olivos Community Park: Adjacent to the Los Olivos Park at Gitano and Encanto, the site seeks a proposed 600 units—100 affordable—and is situated on 10 acres that were previously slated for development by the Irvine Unified School District. The site is across the street from The Promenade at Irvine Spectrum, an Irvine Company owned apartment community.
- Technology Drive: This vacant 4-acre commercial lot would be donated by the Irvine Company to the city for 320 100 percent affordable units, near the 133-toll road at the terminus of Technology Drive.
