­Irvine Spectrum: Orange County’s Field of Dreams

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“If you build it, he will come”, the classic line from the movie Field of Dreams embodies the notion of having the vision and courage to build something special to share with others and change lives for the better. It was about believing in something and showing the determination to overcome all obstacles.

The Irvine Spectrum is not a baseball diamond carved out of a cornfield, but in many ways, it is just as aspirational and inspirational as that Iowa farm. Tibor Kelemen, CEO of the Kelemen Company, who is no stranger to Spectrum, having worked in the center of it since the 90s, had this to say about Spectrum. “The Irvine Company has created an environment that taps into the human condition. It’s as though they knew what live/work/play experience people would want in the future and worked tirelessly for decades to make Spectrum the special place that is today. It is a truly remarkable achievement and it’s getting better all the time.”

Spectrum is unusual in the sense that a single ownership entity started with raw land and has been hands-on in virtually every aspect of its creation. That allowed Irvine Company, along with the City of Irvine, to maintain a consistent vision to create a community with a natural balance of residential offerings, retail amenities, and top-quality office and flex space, along with an unparalleled array of recreational experiences.

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Irvine Company’s massive size has figured heavily into the success of Spectrum. The company has the financial clout and long term strategy to focus on and build for the future even as the Orange County real estate market goes through its inevitable cycles. While that gives the company a big competitive advantage, it has also acted as a stabilizing market force and contributed to the success of dozens of its competitors and thousands of businesses throughout Orange County. “Right now, vacancies have moved higher in Spectrum, and some say that might be signaling a market slowdown,” Tibor remarked. “I don’t see it that way at all. I see it as Irvine Company doing what it does best--building for the future without fear. They will get their new buildings leased, but they will do so with the patience and selectivity they always have, even if it takes longer than expected. Other landlords with vacancies will benefit, as well, because Irvine Company will hold out for premium rates and terms.”

Spectrum is an amenity-rich environment and that is a critical component of its attractiveness to the business community, from small startups to major corporate users. New technologies have accentuated the importance of effective time management, and Irvine Company designed Spectrum with that in mind. “Convenience abounds and everything is intuitively located to help residents and businesses be more productive,” Tibor said. “As a property owner and manager, I do my best to create that same sense of efficiency and convenience that defines Irvine Spectrum.”

All those amenities and conveniences come at a price for both residents and businesses. Spectrum was once a less expensive alternative to the Greater Airport submarket. That is no longer the case. Asking office lease rates are now substantially higher in the Spectrum, in part because Irvine Company has raised the Class A bar again in terms of building quality, offering spectacular views with floor-to-ceiling glass lines and on-site amenities.  Spectrum now has its own skyline thanks to several new office towers built by Irvine Company over the past five years.

Add Irvine Company’s rapid pace of luxury multi-family developments, which offer resort-like amenities and a hip urban lifestyle, and it’s easy to see why so many companies are willing to pay the Spectrum premium. They see Spectrum as a place to grow and they’ve bought into Irvine Company’s vision for the area, and believe its commitment to keep making the area even better in the future.

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Other developers are making their own unique contributions to the Spectrum experience. FivePoint, a regional designer and developer of mixed-use master-planned communities has made a major commitment to the region with its Great Park Neighborhood project. Multiple residential communities, each built around its own park, will be connected to one another via trails and bike paths, and to the Orange County Great Park. FivePoint is collaborating with top residential builders including KB Home, Hovnanian, Lennar, Pulte, and William Lyon Homes. When completed, the project will offer all housing types, including single-family detached homes, condominium homes, and affordable housing units.

Spectrum is arguably one of the premier master-planned communities in the country, and with all that is going on, the future is looking brighter all the time. “Irvine Company is in a position to weather the occasional spikes in office, multi-family or retail vacancy they cause by delivering new inventory,” Tibor observed. “Though, it does pose a short-term challenge to other property owners and developers in the general area who are not as well capitalized as Irvine Company.”