Irvine to Purchase Asphalt Plant for $285 Million
The Irvine City Council voted unanimously April 11 to purchase the controversial All American Asphalt plant for $285 million.
Nearby residents have been complaining to the city for years of terrible odors coming from the plant as well as potentially harmful pollutants in the air.
Because of this, the city filed a public nuisance lawsuit against the plant in 2020, which will be settled with the conclusion of the land sale.
The plant will now close in mid-November and the city’s purchase is expected to be complete on Feb. 1, 2024, paving the way for most of the property to be preserved—it will be called Gateway Preserve—and more than 70 acres to be developed for housing.
“The closure of the All American Asphalt plant and the restoration of the site to its natural state will greatly enhance the quality of life for residents,” Councilman Larry Agran, a member of the All American Asphalt city council subcommittee, said in a statement.
The approximately 700-acre preserve will consist of 300-acres of existing city-owned land, the 11-acres originally belonging to the asphalt plant, and another 375-acres transferred to the city from the Irvine Company.
“The creation of the Gateway Preserve is an incredible testament to what the city, in partnership with the community, can accomplish when goals and visions align,” Mayor Farrah Khan said in a statement. “This monumental agreement is a remarkable achievement for our community and residents of North Irvine.”
The development at the site at the northeast corner of Jeffrey Road and Portola Parkway will include 400 to 450 single-family homes as part of the masterplan development for the North Irvine area.
The city will pay in three non-refundable deposits: $28.5 million on June 15, $228 million within five days of the plant ceasing production mid-November, and $28.5 million on February 1, 2024, the day before the close of escrow on the property.
