Hines JV Breaks Ground on 721-Unit San Diego Project

San Diego's Mission Valley is getting a major transformation with the groundbreaking of Riverwalk San Diego's first phase. Global real estate firm Hines, partnering with Affinius Capital, Bank OZK, Related Fund Management, and Heitman, has launched construction on this 200-acre mixed-use development. Phase one delivers 721 residential units, about 17% of the project's total scope, backed by a $380 million financing package. At Cali Dream Construction, we keep an eye on game-changing projects like this that redefine urban living in our backyard. Here's the full rundown.

Project Snapshot: Phase One Details

This initial phase focuses on creating a vibrant, walkable community within the larger Riverwalk vision.

• Units: 721 multifamily homes
• Buildings: Four structures
• Retail: 75,000 square feet, grocery-anchored
• Amenities: Central village green
• Timeline: Construction underway; first homes available in 2028; full phase completion in spring 2029
• Designer: Gensler

The development sits in Mission Valley, a submarket known for its central location and access to major thoroughfares.

Financing Breakdown

Securing funds for large-scale multifamily projects requires strategic partnerships, and Riverwalk Phase One is no exception.

• Total Package: $380 million
• Senior Loan: $278 million from Bank OZK
• Mezzanine Loan: $102 million from Related Fund Management via its Related Real Estate Debt Fund IV

This capital structure supports the build-out while aligning with market demands for mixed-use spaces.

Affordable Housing and Transit Integration

Sustainability and accessibility are baked into the plans.

• Affordable Component: A separate 190-unit project in collaboration with Wakeland Housing, already under construction
• Trolley Station: New station construction accelerated thanks to a $41.1 million grant from the Affordable Housing and Sustainable Communities program

These elements ensure broader community benefits beyond luxury living.

Full Build-Out Vision for Riverwalk San Diego

Phase one is just the starting point for a comprehensive neighborhood overhaul.

• Total Units: 4,300 (10% income-restricted)
• Retail Space: 150,000 square feet
• Office Space: 1 million square feet
• Open Space: 110 acres of parks and trails

The site previously hosted a golf course, with $90 million already invested in infrastructure upgrades prior to this groundbreaking.

Project Evolution and Delays

Originally slated for a September 2022 start, the initial phase was envisioned with 930 units across five buildings. Adjustments scaled it to the current 721-unit, four-building layout, allowing for refined planning and financing alignment. (Source: The San Diego Union-Tribune)

San Diego's Multifamily Boom in Context

Riverwalk joins a wave of activity in the local market, per Yardi Matrix data as of October 2025.

• Projects Underway: 66 multifamily developments
• Total Units in Pipeline: 12,243
• Year-to-Date Groundbreakings: 17 projects adding 2,983 units

Notable recent starts include:

• Stella Apartments by Murfey Co.: 149 units, financed with a $46.5 million construction loan; delivery targeted for Q2 2027

This growth reflects San Diego's appeal for developers targeting diverse housing needs.



Key Partners and Stakeholders

• Developer: Hines (joint venture lead)
• Capital Partners: Affinius Capital, Bank OZK, Related Fund Management, Heitman
• Affordable Housing Partner: Wakeland Housing
• Architect: Gensler

For the latest updates, visit the official project site at riverwalksd.com or Hines' portfolio page at hines.com.

At Cali Dream Construction, we're excited about how projects like Riverwalk enhance San Diego's livability—from new homes to green spaces and transit options. If you're eyeing a build or remodel in Mission Valley or beyond, infrastructure upgrades like these create prime opportunities. Drop by calidreamconstruction.com for insights on turning visions into reality. More local development spotlights coming soon!