Affordable Housing

Irvine, CA: (Apr-09-08) The city of Irvine and Maguire Properties, a developer, have been embroiled in a legal battle over a dispute regarding the proposed Park Place project near John Wayne Airport. The dispute stemmed from frustrations that arose because city staff members had changed each time the developer proposed changes at Park Place. Sources stated that the developer requested guidelines to clarify the rules. Records show that the disagreement began with the previous property owner, Crow Winthrop Development Limited Partnership, over affordable-housing requirements and guidelines for minor development changes.

In a recent development in the case, sources on both sides of the dispute said that a settlement agreement had been reached, in which the developer agreed to pay $9.8 million in fees to the city to resolve the long standing dispute. Following the payout, Maguire announced that it has plans to build a total of 3,450 apartments and condos. Maguire agreed that it will pay the city $9.8 million if the project is completely built. Sources stated that the funds must be used for affordable housing or Irvine Business Complex improvements, such as walkways, street construction or a bridge. [ORANGE COUNTY REGISTER: DEVELOPER WILL PAY IRVINE $9.8 MILLION IN AFFORDABLE HOUSING SETTLEMENT]

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Published on Apr-10-08