Depending on the final deal, the Toronto-based developer could pay Irvine $654 million, or $9.34 million per acre.
The project would also include 300 affordable apartments, to be built throughout the development.
Proceeds from the land sale would pay off the city's purchase of the All American Asphalt Plant, which the city bought a year ago for $285 million, then closed last fall.
Instead, the City of Irvine could fetch $654 million - a 118 percent jump in value in 12 months.
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