A first drive through today’s Spectrum is truly impressive. The project is first-class in every respect, offers a wide variety of commercial and residential options, and the ease of movement throughout is remarkable. There is nothing accidental about it, either.
Unlike other major projects that are built without the benefit of long term planning by a single owner, the Irvine Spectrum stands alone in the fact that its massive infrastructure was planned and largely completed before individual parcels were developed. That means that many of the pitfalls associated with developing in major metro areas have been avoided.
The project is divided into seven distinct areas, all of which strictly adhere to a single master plan. To get development underway in earnest, the principal owner of the entire project, The Irvine Company, decided on a development strategy that included the sale of finished land sites to several of the region’s premier commercial property builders. Each was given wide latitude in terms of project design and construction materials, but with strict control of overall quality. This allowed each project to be unique and reduced the possibility of a ‘cookie-cutter’ look and feel, a common pitfall of large, master-planned developments.
The Irvine Company also engaged in a land sale program to prospective owner/users to encourage entrepreneurial business owners to invest in the long term success of The Irvine Spectrum.
Orange County’s economic growth through the years has been built largely on the success of dynamic local businesses rather than larger corporations. The Irvine Company saw this as an opportunity to create a new dynamic within the overall project, and the program exceeded nearly everyone’s expectations.
Irvine Spectrum is now home to hundreds of growing businesses who have seen their property values soar due to the unique nature of the project. They enjoy the safety of knowing that their destinies are linked to one of America’s largest and most respected private property owners.
Through the years, many of the projects built by other developers were re-acquired by The Irvine Company through Rights of First Refusal contained in Grant Deeds. Though the company still maintains those rights, it uses them infrequently, as it is now the principal developer of all the remaining land sites.