Irvine Center of Innovation & Entrepreneurship Approved by City Council

Large Donation From Stella and John Foundation Key to Project

IRVINE, Calif.--(BUSINESS WIRE)--The proposed Irvine Center of Innovation & Entrepreneurship took a giant step forward Tuesday, July 14, when the Irvine City Council unanimously approved a lease agreement for a 25,000-square-foot facility and agreements with several partners.

Key to the project is a commitment from the Stella and John Foundation to donate $3.9 million over three years to support construction and operating costs. The foundation was created by John Shen and Stella Zhang, founders of American Lending Center (ALC) and Sunstone Investment Group, both headquartered in Irvine, CA.

“It is unprecedented for a city government not only to fund, but also to own and operate a dedicated resource center to support innovation and entrepreneurship,” Shen said. “The Center represents a public-private philanthropic partnership at its highest level, bringing together the City of Irvine and the private sector through a charitable private foundation. It is a powerful capital formation model for fostering innovation-driven economic development.”

Discussion about this center began with the release of the Irvine Innovation Economy Report at the end of January 2025. That report was used to create the Economic Development Division Blueprint, approved by the council on Jan. 13, 2026. One of the Blueprint’s key initiatives was establishing a Center of Innovation and Entrepreneurship as a central hub for business resources, entrepreneurial support services, and access to capital for businesses looking to start, grow, and scale in Irvine.

Over the last six months, a site was identified at 510 Technology Drive, Suite 100, owned by the Irvine Company. Agreements were reached with key operating partners as well – the Orange County Inland Empire Small Business Development Center for primary intake and referral at the center, the Greater Irvine Chamber of Commerce for outreach, and ALC for financial guidance and capital procurement. ALC will be a tenant at the center, creating a Capital Corner in collaboration with Sunstone to serve founders, entrepreneurs and small businesses.

Jim Ely, president of the Small Business Development Corporation of Orange County, spoke in favor of creating the center before the City Council.

“Ideas are the easy part. Execution is the hard part,” Ely said. Having collaborated with Stella and John for years and watched partnerships be built, “John has proven to me he knows how to execute.” Several members of the public, including Sunstone Investment Group CEO John Keisler, spoke in support of the agreements to create the center. All seven members of the City Council expressed support as well.

“Irvine is at a pivotal moment in its economic evolution,” Mayor Larry Agran told city staff at the meeting. “For decades, the City's growth has been fueled by thoughtful master planning, commercial development, and the attraction of major employers. While those strengths remain foundational, with the City nearing full buildout and with competition from other regions increasing, long-term economic competitiveness will depend less on real estate development and physical expansion and more on fostering innovation, entrepreneurship, and high-wage job growth.”

A search for the operator of the center and an accelerator there has begun, with a Request for Proposals released by the end of the month. The preliminary timeline targets April-June 2027 for a Grand Opening to launch the center.

Details of the proposal can be found on the city’s website, here.

About the Stella and John Foundation:

The Stella and John Foundation is a charitable organization founded by John Shen and Stella Zhang dedicated to advancing innovation, entrepreneurship, education, and community by investing in transformative ideas, strategic partnerships, and sustainable initiatives that create lasting social impact. Stella and John are also the founders of American Lending Center Holdings Inc. (ALC) - a mission-driven, private, non-bank lender committed to expanding access to capital, creating jobs, and driving sustainable economic growth across the United States - and Sunstone Investment Group - a diversified investment firm that specializes in public-private partnerships.