An asphalt plant in Irvine that has repeatedly been criticized by nearby residents for producing foul odors and potentially dangerous pollutants is on track to close in November, according to Irvine city officials.

The city council approved the $285 million purchase of All American Asphalt in April after filing a public nuisance lawsuit against it in 2020, which will be settled with the conclusion of the land sale.

Staff said during a July 11 council meeting they’ve now turned their sights to preparing the property now for a future 70-acre residential village they are calling “Gateway” as well as approximately 700 acres of open space for a “Gateway Preserve.”

The preserve will be 300 acres of existing city-owned land, of which 11 acres were part of the asphalt plant’s footprint, and another 375 acres transferred to the city from the Irvine Company as part of a land deal between the two.

Staff reported during the meeting that the city’s first deposit of 10 percent, or $28.5 million payable to the owners of the asphalt plant was made on June 15 and nearly $7 million has been approved by the council for the residential village and open space, which include an environmental review and preparing the land for redevelopment.

Other associated costs include upgrading the city’s recycled and domestic water lines for the future residential community at a cost of $670,000 and $200,000 to update the city’s recreation and resource management plan for the open space, which will be managed by the Irvine Ranch Conservancy.

Costs will be funded by a $326 million bond issued to the city June 1, which will be paid back by the sale of the residential community. City officials said they will receive bids from developers for the property.

Once complete, the residential community will have an estimated value of $330 million (pdf), according to city officials.

Irvine is expected to take ownership of the asphalt plant in the first quarter of 2024.