Irvine could get 4,536 new apartments at six sites – with 1,025 of them having “affordable” rents.
In an age where conflict over homebuilding appears to be the norm, an intriguing deal in Irvine with land giant Irvine Co. could help the city meet its state-approved homebuilding goals.
. But it’s noteworthy that the deal was negotiated by a city committee that includes Mayor Farrah Kahn and Vice Mayor Tammy Kim. Look, the somewhat symbiotic relationship Irvine and Irvine Co. is a half-century old. So it’s not what every municipality faces. “It’s a deal everyone could feel good about,” said city manager Oliver Chi as it “respects the principles of the original master plan.”This is not charity work. Obviously, Irvine Co’s apartment portfolio of roughly 65,000 units statewide will grow.The memorandum allows the developer to turn vacant or unproductive land into non-traditional sites for income-generating housing, primarily in the city’s jobs hub around Irvine Spectrum.
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