The Irvine Company has received approval from Newport Beach to build more than 400 homes and additional offices near its headquarters in Newport Center.
The City Council this week approved a zoning proposal that would grant the developer entitlements to build 430 homes. Some of the homes could be high-rise condominiums off San Joaquin Hills Road, although apartments are believed to be a more likely option for the site.
Close to 300,000 square feet of office space also could be built in the area between Newport Center, Fashion Island and San Joaquin Plaza, according to a proposal between the city and developer.
In return, the Irvine Co. would pay the city more that $40 million and transfer 7 acres of land in two nearby sites to the city. Some of that money could go to a new city hall for Newport Beach.
The Irvine Co. has yet to announce specific details or a timeline for the proposed development.
