Irvine officials said last week that a draft environmental report found there would be no significant adverse impact from a proposed dramatic increase in the number of homes to be built by FivePoint Communities near Orange County Great Park.
The developer is negotiating with city officials to increase the number of homes to as many as 10,700. The city reportedly would get up to $200 million for agreeing to allow FivePoint to more than double the number of housing units originally proposed.
The city has sought new sources of funding for the 1,300-acre Great Park to replace $1.4 billion in anticipated tax revenue following the state’s elimination of local redevelopment agencies.
The park project is planned for a land once home to El Toro Marine Corps air base. FivePoint is the development manager of Great Park Neighborhoods, a 3,700-acre residential commercial plan project set for land adjacent to the park.
Great Park Neighborhoods broke ground this year. Tax revenue from home sales in the development, formerly known as Heritage Fields, would be used to fund
the actual park’s development under plans being negotiated by FivePoint and city officials.
Great Park Neighborhoods has been in the works for more than six years. The plan—until the recent talks about more than doubling its residential component—had called for construction of nearly 5,000 homes and 1.2 million square feet of shops, offices and other commercial development in just the first phase of the project.
FivePoint has early-stage ground and infrastructure work under way on land expected to hold about 720 homes. The tract begins in the northwest corner of the former base near the Irvine Company-developed Portola Springs neighborhood.
