The city of Irvine is moving forward with a master plan agreement to create new housing within two of Irvine’s economic centers to meet the needs of the city’s workforce.
The agreement calls for new communities at vacant sites within Irvine Company’s Irvine Spectrum District and one building at The Market Place. On average, each community would be about a five-minute walk to job hubs, including world-class hospitals and tech companies.
“We’re growing considerably,” says Ray Almaden, founder and CEO of Postcard Game Studios, located at Innovation Office Park within Irvine Spectrum District. “This type of planning would be attractive to our future employees and supports our growth.”
The agreement ensures 20% of these new communities will be reserved for households earning between $40,000 and $120,000. In addition, a 4.6-acre site will be dedicated to provide additional affordable housing opportunities.
Irvine Company will also provide approximately $60 million to fund community priorities as determined by the city. Priorities could include mobility improvements, senior care and housing, wellness and other matters.
The master plan agreement is responsive to state mandates to create more housing and stay consistent with city-approved housing plans. The agreement does not approve individual projects; it establishes high standards of quality to ensure future communities meet the needs of Irvine residents.
You can learn more at irvinecommunityconnection.com/homesnearjobs.