Irvine will pay $285 million for the controversial All American Asphalt Plant on Jeffrey Road, the focus of recent litigation and complaints from nearby residents about odors.

In February, city leaders announced that funding for the purchase of the plant is set to come from a “concurrent deal” the city made with Irvine Company. According to that deal, Irvine Company will give the city approximately 475 acres of land, with about 80 acres (worth about $330 million, according to city documents) allocated for housing development.

The development will include 400 to 450 single-family homes and possibly condominiums, said Councilmember Larry Agran, a member of Irvine’s All American Asphalt subcommittee.

In addition to the housing community, Irvine is creating the Gateway Preserve, an approximately 700-acre open space preserve with hiking and biking trails on and around the land where the plant sits. The project is designed to include expansive green spaces, native gardens and outdoor classrooms, according to a video presented at Tuesday’s City Council meeting.