In a significant move this week, city leaders in Irvine voted 4-3 to approve a land swap with property developer FivePoint. This agreement facilitates the development of 1,300 market-rate housing units, which are exempt from affordable housing requirements. The decision was made during a city council meeting on October 3, 2023.
Details of the Land Swap Agreement
Under the terms of the deal, the city will transfer 26.4 acres of land within the Great Park to FivePoint in exchange for 35 acres of property known as the Crescent site, which borders the Irvine Spectrum. This location is earmarked for a transit-oriented development aimed at enhancing connectivity between the Great Park and the Spectrum.
The development of these market-rate units is projected to generate over $200 million in special taxes from residents of the Great Park, which will be allocated to fund school expansions and improvements to public infrastructure. Stephanie Frady, the city’s director of community development, emphasized the financial benefits, stating that the project represents a significant investment in local resources.
Pete Carmichael, assistant city manager, highlighted the potential of the Crescent site as a vital link for transit-oriented development, noting that it could bolster accessibility for millions of visitors. The Irvine Spectrum attracts approximately 17 million visitors annually, while the Great Park sees around 6 million, with expectations for increased attendance as further developments unfold.
Community Reactions and Future Implications
The decision to approve the land swap has sparked a variety of responses from community leaders and residents. Elizabeth Hansburg, co-founder of People for Housing OC, expressed optimism regarding the city’s increased control over developments near transit hubs. “When the city owns the land adjacent to the transit center, it will be held to a higher percentage of affordable housing than a private entity would be,” she explained. Hansburg emphasized that housing close to transit options enhances mobility for low-income families.
In addition to the land exchange, FivePoint will contribute $15 million to the city. During the city council meeting, Mayor Larry Agran suggested that these funds could be used to create a final resting place for veterans. However, public opinion shifted significantly during the meeting, leading to a motion by Councilmember Melinda Liu that prohibited the use of any portion of these funds for the design or development of a columbarium for cremated remains. This motion also passed by a vote of 4-3.
The implications of this land swap extend beyond financial considerations. It represents a strategic effort to shape the future of housing in Irvine, particularly in areas that are poised for growth due to their proximity to transit facilities. As the city continues to navigate development challenges and community needs, the outcome of this agreement will be closely monitored.
Overall, the land swap serves as a pivotal moment in Irvine’s approach to urban development, balancing the demands for housing with community expectations and infrastructure requirements.
