On the east side of the Irvine campus, the two-story Irvine Castle apartments tower over a neighborhood that is already struggling to get out of its housing crisis.
The complex, built in the 1950s, has a swimming pool, a theater, a basketball court, a gym, a full-service restaurant and a laundry.
Irvine City Councilwoman Teresa Bautista said the city will need a $50 million tax increment financing fund to help cover the cost of the construction.
The complex also will include apartments for seniors, senior housing and more.
Irvine City Councilman Kevin L. Zullo said the complex is a great example of Irvine’s commitment to affordable housing, especially in the surrounding area.
He said Irvine’s rental market is getting even more challenging, especially for renters of modest incomes.
“Irvine has a number of properties that have gone on to become rental properties.
There are many people in the city that are now looking for affordable housing,” he said.
I am a proud Irvine resident and a longtime resident of Irvine.
I live in this beautiful city with its beautiful people and the beautiful views.
But the housing crisis has made me think, How do we get this community back on its feet?
“Zullo, who lives in Santa Ana, Calif., said he hopes that Irvine can make up for the loss of more than 300 rental units.
If Irvine gets a 10-year tax abatement, he said he will consider buying a mountain top apartment.
I am a resident of the area and have seen how the market has been affected by the housing market crisis.
I think we can get it back on track.
Irvin, with a population of about 1.6 million, is located in the Orange County suburb of Rancho Cucamonga.
The city, which is known for its shopping and entertainment, is one of the nation’s most diverse, with an immigrant population of roughly 5,000 people.
The Irvine Castle Apartments have been available since April, but they were set to go on sale in late October.
The apartments, which rent for between $1,000 and $1.3 million, include a fully furnished living room, a kitchenette with appliances and a full bathtub, and a private laundry.
They also have a large outdoor patio with a fireplace.
There is no charge for rentals.
The Irvine Castle has been a part of the city since 2007.
The apartments were built in 1950, according to the city, and were purchased in the early 1990s for $7.2 million.
They have been home to some of Irvine city’s most prominent residents, including former Mayor Jack C. Blanco and actor David Bowie.
Listed on the National Register of Historic Places, the Irvine Castle is among four Irvine apartment buildings listed by the National Trust for Historic Preservation.
Irvine, with more than 500,000 residents, has been struggling with a housing crisis that has left some residents homeless and others unable to afford rent.
The city had its highest housing vacancy rate in California in 2015, at 6.9 percent, according a 2016 report by the Los Angeles Times.
The vacancy rate for the Irvine-Crenshaw-Sunnyvale area is 5.3 percent.
The shortage of affordable housing has been especially acute in Orange County.
A 2017 report by UCLA and the University of California, Berkeley, found that nearly 6 percent of Orange County residents live in poverty, the highest rate of any U.S. county.
More than half of all Orange County households lack at least $10,000 in monthly income, and the city has the highest poverty rate of nearly 15 percent.
Irvin Mayor Jim Smith said the housing crunch is the result of a number factors.
It is not the fault of the property owners, he told the Orange Daily News.
It is a citywide issue that requires all of us to work together to address it.
But, I think there is a way to address the issue and make sure we’re addressing the root cause of the housing problem.
Smith said Irvine, like other cities, is looking at the rental market and trying to find ways to reduce costs.
We have to have people that want to live here, and we have to address that issue.
I think there are a number ways we can address it, and some people have been talking about getting rid of the units for a number years now,” he told ABC7.
A spokesperson for the city said the apartments would remain available for lease, but a spokesperson for Irvine County said they would be available for rent.
Irving officials have said they are committed to making the city more affordable, and have proposed a new $1 million bond that would allow for an annual sales tax increase to help fund the housing project.