After more than 40 hours of public hearings and more than 10 years in the making, the City of Irvine voted to approve FivePoint Communities‘ compelling development plan for homes, schools, infrastructure, and public amenities at 1:46 a.m. on Wednesday, November 27. The plan includes a sports field and entertainment venues, a wooded area and wildlife corridor–all contributing to robust economic development and jobs creation for Irvine and Orange County. OCBC offers special thanks to Mayor Steven Choi, Mayor Pro Tem Jeff Lalloway and Council member Christina Sheafor exceptional due diligence in securing unparalleled public benefits for Irvine residents and visitors.
The deal was passed by a 3-2 City Council vote and awards Irvine with $10 million on top of about $200 million worth of construction and cash that FivePoint Communities had already offered the city to build more than half of the Great Park. In exchange, FivePoint Communities was given the go-ahead to build 4,606 homes outside of the park’s eastern edge, versus the 415,000 square feet of commercial real estate it was approved to build. For more information, contact Bryan Starr, Senior Vice President, Government Affairs.