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.
The tentative “memorandum of understanding” would see Irvine getting 4,536 new apartments at six sites – 1,025 with affordable rents. Developer Irvine Co. will pay $65 million in fees for the construction that could be completed to meet the city’s 2029 home-production deadline.
It’s a road map for 2,157 rental homes at three sites previously announced by Irvine Co. plus another 2,379 units at three other locations.
Now, city council approval is required for this memorandum to move ahead. And Irvine politics is hard to handicap as the debate over the deal begins at Tuesday’s city council meeting. But it’s noteworthy that the deal was negotiated by a city committee that includes Mayor Farrah Kahn and Vice Mayor Tammy Kim.
Irvine’s seemingly cooperative process runs in sharp contrast to what’s going across Southern California.
Now you’d think homebuilding would be simple. But getting building plans approved anywhere in California requires cities and developers to navigate a maze of regulations. And some of those rules can force outcomes neither side really wants.
So, to get anywhere close to California’s lofty housing dreams, adult conversations between stakeholders with serious give-and-take become a necessary requirement.
Look, the somewhat symbiotic relationship Irvine and Irvine Co. is a half-century old. So it’s not what every municipality faces.
But Irvine Co. believed the homes could have been built without much city oversight or fees paid. Conversely, the city could have made that construction as challenging as possible. Let’s look inside the deal to get a glimpse of the tradeoffs involved.
So what does Irvine get?
Homes: To meet state goals, the city needs 23,600 new units by 2029 with roughly 15,000 deemed affordable for households earning…
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