The Advantages Of Developing In Irvine
Irvine has its own benefits and challenges when it comes to developing projects there and in other parts of Orange County.
"Every city has its challenges, every jurisdiction," Pacific Hospitality Group Chief Investment Officer Kory Kramer said. "Being in the coastal zones is definitely more difficult."
Kramer is also chairman of the Newport Beach Planning Commission.
Irvine is a pretty good city to work in compared to other cities, according to R.D. Olson Development CEO Robert Olson.
"We live in a bubble in the OC," Olson said. "It's growth-friendly, but I think mindful growth and sensible growth."
Kramer said other jurisdictions outside of Orange County are more difficult and more expensive.
Irvine is going through a mini-building boom for office, according to Parker Properties Managing Member Russ Parker.
"You see a little bit of a development surplus right now, but I think that's really short term," Parker said.
When it comes to attracting desirable firms to Irvine and the OC, it is important to consider their employees, Kelemen Caamaño Investments CEO Rudy Caamaño said.
"A driver for tech is talent," Caamaño said. "So if we want to be able to recruit more of these companies down the road, we have to appeal to that younger talent and what they desire."