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The Irvine Co. is planning a 3,000-home development in the city of Irvine, with about 1,500 of those homes built on what is now the developer's Oak Creek Golf Club.
Another 1,600 residential units would rise on an adjacent parcel previously planned to hold office buildings, The Orange County Register reported.
The new project would include the redevelopment of an existing office property nearby into a new school, which The Irvine Co. would pay to build. The properties are between Jeffrey Road and Sand Canyon Avenue, just south of the 5 Freeway. Their location puts them near the Irvine Spectrum neighborhood’s office and shopping areas.
The project, Irvine Spectrum District Village, is in the early stages of planning with the city. As part of the plan, The Irvine Co. would pay $96M in fees and give the city 2,000 vouchers for two years of discounted rents at Irvine Co.-owned apartments. The latter is estimated to have a $72M value, according to the Register.
Irvine is Orange County's largest city and has seen housing prices and home values soar over the last few years.
The city is also on the hook to meet state mandates to add housing over the next decade. Irvine has been tasked with zoning for more than 50,000 new homes.
A public discussion of the plan and the framework that would guide the development are set for May 13, the Register reported.
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