The City of Irvine is teaming up with a developer to build up to 4,500 apartments on five infill sights in the city, and it's a firm with a name that resonates in the city: The Irvine Company, which is based in Newport Beach.
According to a report in the Orange County Register, Irvine (the city) and Irvine (the company) have reached an agreement to develop 4,536 units—a quarter of them affordable—on the infill sites as part of the city's Housing Element plan to meet the state target of building 23,600 homes in the City of Irvine by 2029.
Under the terms of the company's agreement with the city, Irvine Company will pay the city a public benefit fee of $14,500 per unit. The infill sites, which the city says are either vacant or underused, are adjacent to the Discover Park, Market Place, Spectrum, Los Olivos and Technology Drive developments.
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