sgip
Well-known member
Was at the Irvine area Broker's Preview. A City Planner was at the meeting and discussed where the City expects growth over the next few years. Some takeaways:
1) With Irvine Company becoming "the bank" for most merchant builders, they expect about 650 new units to be completed in 2010. Some builders have talked about increasing that number for this year.
2) Based on demand, Irvine believes that new construction will top 1000 units in 2011 - not counting Lennar's contributions in The Great Park neighborhoods and CPW which have had fits and starts as we all know.
3) Grading is supposed to start in late 2010 on Heritage Fields area homes. Possible building starting in 2011.
4) New development will be focused on high density units, relative to the executive home market. Don't know if that is because of Affordable Housing mandates....
4) Western Digital is moving to Irvine from LF (old news). The IRS and the Census Bureau have leased about 900k SF in various buildings once used by finance companies.
5) Does not expect retail to expand / recover until 2012 at the earliest.
6) Lennar is not going to be compelled to complete it's golf course commitments. I couldn't hear the location but I think it's the golf course at the Great Park, but that's the only words I could make out in the statement.
Had wanted to ask if the City was going to incentivise manufacturing to come to Irvine, but ran out of time. Finance companies and Government jobs are not healthy, long term employment bases one should rely upon. Full room, hard to hear. Interesting stuff. Comment as needed.
1) With Irvine Company becoming "the bank" for most merchant builders, they expect about 650 new units to be completed in 2010. Some builders have talked about increasing that number for this year.
2) Based on demand, Irvine believes that new construction will top 1000 units in 2011 - not counting Lennar's contributions in The Great Park neighborhoods and CPW which have had fits and starts as we all know.
3) Grading is supposed to start in late 2010 on Heritage Fields area homes. Possible building starting in 2011.
4) New development will be focused on high density units, relative to the executive home market. Don't know if that is because of Affordable Housing mandates....
4) Western Digital is moving to Irvine from LF (old news). The IRS and the Census Bureau have leased about 900k SF in various buildings once used by finance companies.
5) Does not expect retail to expand / recover until 2012 at the earliest.
6) Lennar is not going to be compelled to complete it's golf course commitments. I couldn't hear the location but I think it's the golf course at the Great Park, but that's the only words I could make out in the statement.
Had wanted to ask if the City was going to incentivise manufacturing to come to Irvine, but ran out of time. Finance companies and Government jobs are not healthy, long term employment bases one should rely upon. Full room, hard to hear. Interesting stuff. Comment as needed.
