New Condos Coming to Fashion Island

NEW -> Contingent Buyer Assistance Program
I

iceeman_IHB

New member
I just found this news ... seems interesting. 40% will be affordable housing. Not sure what the timeframe is...but it definitely has my interest.

NEWPORT BEACH – Elected leaders late Tuesday approved an eight-figure deal that will let the Irvine Co. build hundreds of homes on the outskirts of Fashion Island.

In exchange for allowing construction of 430 condos, likely in a high-rise building off San Joaquin Hills Road, the city will get $41 million that will likely go toward a new City Hall, a new senior center, road upgrades and park improvements.

you can read the rest of the article below (link).

http://www.ocregister.com/news/city-build-irvine-1940499-hotel-new
 
40% affordable housing? Would that be affordable like the other affordable housing? Which usually means putting 30-40% down on a reduced cost? Usually a 100-150k down? Which to me is just plain wrong. If you're going to make it affordable, make it affordable or not at all.

-bix
 
I checked out the article that was linked and it says “apartments”.

Did I miss something, where does it say condos or homes?
 
Almon,

I believe OC register edited their content. When I read the article yesterday morning, the following paragraph clearly stated 40% will be affordable housing, but now they omitted that number and changed it to "undetermined"

" The 430 apartments coming to Newport Center still require formal plans and final approval. Also, the Irvine Co. will maintain affordable rates at an undetermined number of units at The Bays apartment communities on San Joaquin Hills Road for 30 years

As for the Condo statement... OC register changed that too..apparently to Apartments from condos..as of yesterday.

Someone at either Irvine Company or OC register are confused...
 
if this is truly low-income housing, then it would be a great deal. i know that street well, that spot is right on the top of the uphill before it levels off. think of it as the last spot where you can still see the ocean.

it sounds too good to be true though. newport beach likes to hide condos behind walls. you can't hide a high-rise...
 
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