The Irvine City Council on Tuesday is set to vote on a land swap deal that will waive affordable housing requirements for one of the biggest developers in Orange County.

If the council approves the land swap with FivePoint, the city will give 26.4 acres of land in exchange for 35 acres dubbed the Crescent site. The city will then greenlight FivePoint’s development of 1,300 market rate housing in an area where the median price for a home is around $1.5 million.

The staff report for Tuesday’s meeting does not include land appraisals or a financial analysis of the land swap and the financial impact of waiving affordable housing requirements for FivePoint within the Great Park. LAist has requested those documents from the city and will update the story if we hear back.

However, in a staff r

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