Los Olivos II is not planned to open until 2017.
It was originally planned to build 1950 more apartments on top of the 1750 already existing, but I'm not sure if Irvine Co. still wants to do that. Los Olivos II is only large enough to hold maybe a Siena and San Remo extension or a Cortona and Toscana extension, but not both. It would be nice of it was gated. It will be the closest development to the Irvine Spectrum and will have 2 view-oriented tiers facing the Irvine Spectrum Center's Ferris wheel. It is also south of the 405, so I would recommend buying here (if it happens) instead of Orchard Hills.