The Irvine Company is currently redeveloping a 79-acre plot of land in the Irvine Marketplace into a mixed-use housing community, with the last tenant of the site, 24 Hour Fitness, having relocated to an alternate site on Aug. 5.
The development, approved for construction in May by the Irvine City Council, is expected to provide an influx of more than 1,000 housing units geared towards young professionals, with 20% designated as affordable housing.
“This development is designed to bring homes near jobs for Irvine’s young professionals and essential workers,” Irvine Company senior vice president Jeff Davis said in a statement provided to the Orange County Business Journal.
The project, part of a larger scheme by the city to expand Irvine’s supply of affordable housing, comes after numerous actions by the state to ensure cities are meeting new requirements for affordable housing. Irvine is required to build 23,600 new housing units by 2029, per an approved state housing goal for Irvine.
“The city certainly has an abundance of larger apartments and homes, but it is lacking in smaller and less expensive residences,” junior Haarika Duvvuri said. “I think the addition of studio apartments at the Marketplace will be very beneficial.”
Such mixed-use developments are currently in development across Orange County, from the Outlets at Orange to the Mainplace Mall in Santa Ana. This rapid construction of mixed-use development housing projects is a continuation of a national trend that is only accelerating.
“Mixed-use centers—often in suburban locations—continue to be built from the ground up in many communities across the US,” according to an article published by the Congress for New Urbanism.
As for the Marketplace development, new housing units are expected to be available sometime in 2025. Construction has begun at the southern end of the lot at El Camino Real and will continue northbound, ending at the site of the former 24 Hour Fitness location on Bryan Ave.
