Irvine Mayor Farrah Khan and All American Asphalt factory (City of Irvine, Getty, Google Maps)
The City of Irvine has announced a deal to purchase an asphalt plant and convert the land into housing and a nature preserve.
As part of a deal, the Irvine Company will donate 475 acres of additional land, where between 400 and 450 homes will be developed, according to the Orange County Register. The entire development would total 700 acres.
After development, the city plans to sell about 80 acres in total, which would cover the cost of the All American Asphalt plant sale, though it did not disclose how much it would initially cost.
The deal comes after the city filed a public nuisance suit against the asphalt plant owner, alleging odor and air quality complaints have plagued surrounding residential neighborhoods for years. A South Coast Air Quality Management District-approved assessment found that odors and emissions from the plant did not pose health risks for the neighborhoods.
City officials are expecting the plant to be closed by the end of the year, but did not release a timeline for the acquisition or development.
Given the Irvine Company owns developments in nearby areas particularly the Orchard Hills neighborhood, City Councilman Larry Agran said “it was an untenable situation” for the development firm as well.
The entire project, to be called the Gateway Preserve, could include condominiums that would be put up for sale.
Officials said the residential neighborhood would be consistent with the city’s master plan for North Irvine. Further details on the development are expected from the city in the next few weeks.
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The City of Irvine has announced a deal to purchase an asphalt plant and convert the land into housing and a nature preserve. As part of a deal, the Irvine Company will donate 475 acres of additional land, where between 400 and 450 homes will be developed, according to the Orange County Register. The entire
The post City of Irvine to buy asphalt plant for housing development appeared first on The Real Deal. Uncategorized The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.