The City of Irvine has approved the sale of 70 acres of land for $654M to Brookfield for a new residential development of more than 1,200 homes.

Toronto-based Brookfield is planning to build a development known as Gateway Village at the northeast corner of Jeffrey Road and Portola Parkway. The development will include 927 single-family homes and 300 affordable apartments, according to a report in the Orange County Register.

The single-family homes will have an average unit size of 1,844 SF and an average unit price of $1.4M. Amenities will include parks, a community garden and a recreation center with a clubhouse and pools. Construction is expected to begin in 2026, the report said.

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