COMMERCIAL REAL ESTATE : Irvine Co. Staff Cuts Total 33; Project President Also Leaves

Last week, the Irvine Co. said it would terminate 30 to 40 jobs at the end of June--the huge developer’s second layoff in five months. On Thursday, company spokesman Larry Thomas confirmed the final count--33 employees, reducing the staff more than 10% from 326.

Among those who will no longer be on the company’s payroll is C. Bradley Olson, president of Foothill Community Builders, which oversees the company’s residential development projects in Tustin, Orange and Anaheim. On May 21, the day before the layoff was announced, Olson submitted a letter of resignation effective July 1.

Olson, 51, joined the company in 1982 as director of land development for the company’s Community Development Division. He quickly climbed the ladder, and was promoted to his current position in 1989.

In the letter, Olson said that he and his wife had decided to “take a break . . . after looking carefully at the current real estate market, the long-term nature of current programs in Orange and Anaheim, the nearing completion of our development effort in Tustin Ranch, and after many long hours of effort trying to speed things” to small avail.

He added: “This is not an easy decision for me, given my love for this business, this company and its people.”

Thomas said Olson’s departure is unrelated to the layoff. Olson is on vacation through next week and was unavailable Thursday for comment.