(Read more on the multifamily market.)

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IRVINE, CA-The Irvine Co. has completed construction of its31.5-acre Village at Irvine Spectrum Center, a project thatcombines 1,550 apartments and 8,000 sf of retail space in fourdistinct four-story mixed-use districts designed by the locallybased architectural firm of MVE & Partners Inc. The project isat Irvine Center Drive and the 405 Freeway on a site that formerlywas vacant land.

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According to MVE president Rick Emsiek, who has overseen thephased completion of the project since 2005, the development wasconceived to offer a variety of residential options for nearly3,000 young professionals who frequent the shops, restaurants andentertainment venues at the neighboring Irvine Spectrum Center. Theapartments include studios, one-bedrooms, two-bedrooms andtownhomes ranging from 563 sf to 1,500 sf. The apartments arewithin walking distance of the adjacent 1.2-million-sf IrvineSpectrum Center, which features Nordstrom, Target and Macy's, alongwith morethan 120 stores, restaurants and entertainment venues,including a 6,400-seat, 21-screen movie theater with OrangeCounty's only IMAX theater.

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The four districts within the Village are gathered around acentral main street that MVE created by assigning four separateproject teams within its office to develop distinct characteristicsfor each neighborhood. Each neighborhood has its own pool andrecreation facilities, along with access to a community recreationarea and park; the retail includes a Juice-It-Up, a Starbucks, acleaner, a florist and a market.

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The Irvine Co. has selected MVE & Partners to master-planand design the Park, a mixed-use sister project to the Village thatwill feature 1,450 units ranging from 600 sf to 1,200 sf on a28.5-acre site. The Park is under construction and is slated forcompletion in 2011.

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