SAN DIEGO — Hines, along with project partners Affinius Capital, Bank OZK, Related Fund Management and Heitman, has begun construction on Phase I of Riverwalk San Diego, a 200-acre transit-oriented mixed-use project situated on a former golf course in the Mission Valley submarket of San Diego. The overall project cost is approximately $3 billion.
The groundbreaking follows the securing of $380 million in construction financing, comprising a $278 million senior loan from Bank OZK and a $102 million mezzanine loan provided by Related Fund Management, which originated the investment through its Related Real Estate Debt Fund IV.
Phase I, designed by Gensler, will deliver 721 market-rate multifamily homes, inclusive of apartments and townhomes, across four buildings; a village green; and 75,000 square feet of grocery-anchored retail. Separately, the initial phase includes The Becker, a 190-unit affordable housing community in partnership with Wakeland Housing, which is already under construction, and a new trolley station on the San Diego Metropolitan Transit System Green Line. The station’s timeline has been accelerated from a future phase because of a $41.1 million Affordable Housing and Sustainable Communities grant, which was awarded in 2023. The completion and grand opening of Phase I is slated for spring 2029, with the first homes becoming available for lease in spring 2028.
At full completion, Riverwalk San Diego will consist of approximately 4,300 homes, 150,000 square feet of retail, 1 million square feet of office space, 110 acres of parks and open space, including a 60-acre regional park, and several infrastructure projects.