The Irvine City Council is considering a land swap deal with FivePoint Holdings that will waive some affordable housing requirements for the locally based developer. If the City Council gives the go-ahead, FivePoint will hand over 35 acres next to the Irvine Transportation Center, dubbed the “Crescent site,” in exchange for 26.4 acres in the Great Park Neighborhoods master-planned community for future development, LAist reported. At the same time, the city would clear the way for 1,300 new market-rate homes developed by FivePoint while dropping the previous requirement to build more than 250 affordable housing units — about 25 percent […]
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