NEWPORT BEACH : Irvine Co., City Discuss Trade-Off
Newport Beach and the Irvine Co. are discussing an agreement in which the company would loan the city $20.6 million in exchange for the go-ahead to develop the last of its undeveloped holdings in the city.
The proposal known as the Circulation Improvement and Open Space Agreement was initially discussed by the City Council last month. It was scheduled to go before the Planning Commission this week, but the date has been delayed until June.
The company’s 11 remaining holdings in Newport Beach comprise 246 acres. The land is mostly scattered around the east side of Upper Newport Bay.
According to the proposed agreement, the company would develop about 100 acres and donate the remaining to Newport Beach for open space.
Should city officials agree to the arrangement, the Irvine Co. would be allowed to construct up to 1,000 homes or condos and about 300,000 square feet of commercial and office space.
For its part, the Irvine Co. would loan the city money for street improvements near the area. The city would be required to repay the funds within 20 years.
Meanwhile, two of the Irvine Co. land holdings along the southwest side of Upper Newport Bay, and Newporter North on the east side of the bay, have been targeted by a local environmental group for preservation.
The Newport Conservancy hopes to raise enough money to buy the land from the Irvine Co. in order to preserve it as parkland.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
