The City of Irvine and real estate developer Irvine Company are once again joining forces to provide more housing opportunities for the Orange County city. The two parties have agreed on a $285 million deal that will see the All American Asphalt plant incorporated into The Gateway Preserve, a 700-acre open space featuring a park, interpretive area and hiking trails.
According to the Orange County Register , funding for this purchase is coming from an agreement between both entities in which Irvine Company gives 475 acres of land with 80 allocated for housing development. It is expected that revenue generated by sales of 400+ single-family homes and condos will cover the cost associated with buying out the asphalt plant.
Since 2019, nearby residents have been voicing their concerns about odors emanating from All American Asphalt Plant located on Jeffrey Road – prompting legal action by way of public nuisance lawsuit filed against it in 2020 by Irvine itself.
