A major mixed-use project in Irvine—including a potential five-star hotel, the city’s first—planned near the corner of Jamboree Road and Michelson Drive is moving ahead.
Irvine-based HJ Capital Group recently received Irvine planning commission approvals for a nearly 700,000-square-foot project at the currently vacant site.
The proposed project, called The Banc Hotel, includes a 258-room hotel, 143,721 square feet of office space, an 11,269-square-foot medical office building, a 33,000-square-foot fitness facility, a 20,000-square-foot spa and a separate nine-story parking structure.
John De Vries, chief executive of Irvine-based YLS Brands, a seller of Korean-made skincare and other lifestyle products, is heading the proposed development for HJ Capital, which the Business Journal first reported was in the works last year.
He estimates the project’s total development cost to be around $330 million, and said vertical construction may begin next January.
The 6.2-acre site at 18582 Teller Ave. is about a mile from John Wayne Airport.
The Banc Hotel would be built between the Boardwalk office development and the 2722 Michelson creative office project, LBA Realty’s office project that will soon become home to Oculus VR co-founder Palmer Luckey’s defense technology startup, Anduril Industries Inc.
Other amenities that are envisioned for the site is a nearly 10,000-square-foot food hall called PiggyBanc that will include several new food concepts, as well as a 45,000-square-foot open-air entertainment venue touted as “the Banc Beach Club,” and access to a private plane at JWA, according to De Vries.
During the recent planning commission meeting, HJ Capital agreed to pay the city $60,000 to install cameras on nearby traffic intersections to aid traffic flow. The project’s cost includes a total of about $3.4 million in city fees, according to De Vries.
Hotel rooms will range in size from a 476-square-foot room to a 5,400-square-foot presidential suite with a private deck and mini spa.
HJ Capital is still finalizing a general contractor, while Architects Orange and HBA Interior Design will design the buildings and interior spaces.
“This project is the first of its kind in Orange County, and will be huge for Irvine,” De Vries told the Business Journal.
