California Construction News staff writer
Construction is underway on the first phase of Riverwalk San Diego, a $380-million transit-oriented redevelopment that will transform a former golf course in Mission Valley into a 200-acre mixed-use community.
Global developer Hines broke ground on the initial phase, which includes more than 700 homes — about 17 per cent of the full build-out — along with retail space, parks and transit infrastructure. The project team has not yet publicly disclosed the general contractor for phase one.
The development secured $278 million in senior financing from Bank OZK and a $102 million mezzanine loan from Related Fund Management.
“Across the country, we’re seeing a clear shift—the market has reset, and the next cycle is underway,” said Ray Lawler, head of Americas at Hines. “Riverwalk is a powerful example of that conviction… We believe in creating community-first, transformative environments that meet today’s needs and shape tomorrow’s cities.”
Phase one, designed by Gensler, will deliver 721 market-rate rental homes across four buildings, 75,000 square feet of grocery-anchored retail, and a village green. The phase also includes The Becker, a 190-unit affordable housing project being delivered in partnership with Wakeland Housing, and a new trolley station on the MTS Green Line. The transit stop was advanced with the support of a $41.1-million Affordable Housing and Sustainable Communities grant.
San Diego Mayor Todd Gloria said the project aligns with the city’s housing and transportation goals. “Riverwalk aligns perfectly with the City’s goal of homes integrated within walkable communities, with major infrastructure investments like a new transit stop and river park,” he said.
At full build-out, the master-planned community will include 4,300 homes — 10 per cent of them income-qualified affordable units — along with 150,000 square feet of retail, one million square feet of office space and 110 acres of parks and open space. The plan also calls for restoration of the San Diego River and improvements to flood capacity at Fashion Valley Road.
The first homes are expected to be available in spring 2028, with phase one completion slated for spring 2029.
“This milestone is the result of deep collaboration with the City of San Diego and the many community members who helped shape this vision,” said Eric Hepfer, senior managing director at Hines. “Riverwalk is a transformative project and a lasting investment in San Diego’s future.”
More information is available at RiverwalkSD.com.
