The Irvine Co. is moving forward with plans for two new developments that, when complete, will boast nearly 2,600 properties and could create some 8,000 jobs. Stonegate in north Irvine and Laguna Altura, off Laguna Canyon Road, are being developed by the company's Irvine Pacific affiliate and are touted as the two largest villages to come to O.C. since Portola Springs opened in July 2006.
The project capitalizes on the success the Irvine Co. has seen in recent months; the firm's New Home Collection has sold 1,234 homes since it debuted in January of last year – landing it among the most successful developments in the U.S. in 2010, in terms of price and absorption, said Mark Boud, principal of Real Estate Economics.
"Access to major employment, shopping and service centers, combined with outstanding community design and recreational amenities, and access to some of the highest quality schools in California draw a wide market audience," said Boud. "The Villages of Irvine are ideally situated to take advantage of strong new-home demand and little competitive supply in Central Orange County.”
Part of the Irvine Pacific Collection, the Village of Stonegate is located on Irvine Boulevard between Sand Canyon and Jeffrey Road. The project will feature 2,000 homes in four neighborhoods – Santa Clara, San Mateo, San Marcos and Maricopa. Prices will range from the mid-$300,000s to the high-$700,000s. Laguna Altura will feature 596 homes in four communities – Siena, San Remo, Cortona and Toscana. These residences will start in the low-$600,000s up to the low-$1 millions.
"The Irvine Pacific Collection provides homebuyers with an array of new-home opportunities, whether they are looking to purchase their first home or take advantage of the opportunity to move up to a larger residence,” said Daniel Young, president of Irvine Co. Community Development.
Much like the New Home Collection, Stonegate and Laguna Altura will feature designs aimed at representing a "'way of life' that is uniquely attuned to the hopes, dreams, needs and goals of today's homebuyer in Irvine," he said.
The properties, which include a mix of townhomes and single-family residences, will include designs such as a large central area – known as the Great Room – that blends the family and dining rooms and opens to the kitchen, as well as an indoor-outdoor space dubbed the California Room. In addition, the homes will be designed and built with materials, appliances and energy systems that exceed California building requirements, according to the Irvine Co.
“The Villages of Stonegate and Laguna Altura are just the latest examples of the bold leadership demonstrated by the Irvine Co.,” said Lucy Dunn, president and CEO of the Orange County Business Council. “Last year they truly implemented their own ‘local stimulus package’ and literally jump-started our construction economy by bringing much-needed jobs to our county. Their leadership and unprecedented success convinced other developers to get off the sidelines and restart construction in our county and that means more jobs too. The Irvine Co. ignored the naysayers a year ago, and the results have been simply astounding.”
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