Irvine Co. got the green light to turn an office park into housing near John Wayne Airport.

The Newport Beach City Council voted unanimously to approve a development agreement allowing Irvine Co. to build housing and commercial space at the MacArthur Court Campus next to the airport, according to The Real Deal.

Plans call for 700 market-rate units in two five-story buildings and a 10K SF retail space.

As part of the agreement, Irvine Co. must build 49 units of affordable housing off-site. The first permit for that project has to be issued by January 2029. Some residents expressed skepticism that the affordable units would get built, citing an in-lieu fee of $37K the company can pay instead of building the below market-rate units.

The firm also has to provide public benefits, including more than $3M toward the revitalization of MacArthur Boulevard. Irvine Co. must also pay a $17K fee for any unit that is issued a building permit on or after July 1, 2028.

The office park that will give way to the apartments is bordered by MacArthur Boulevard, Campus Drive, MacArthur Court and Birch Street, according to TRD.

Irvine Co. has been laser-focused on housing this year. The company put forth large-scale plans for 3,000 units of housing on a golf course it owns and an adjacent parcel earlier this year.