SAN DIEGO – Hines, the global real estate investment, development, and property manager, in partnership with USAA Real Estate, began construction of its 200-acre Riverwalk San Diego village with a phase-one groundbreaking ceremony on September 21. Riverwalk San Diego will transform the existing Riverwalk golf course in western Mission Valley into a live-work-play transit-oriented neighborhood.
Phase one of Riverwalk San Diego construction will include 930 for-rent homes in a series of five buildings along Friars Road, as well as 75,000 square feet of neighborhood-serving retail space surrounding a central green that will serve as a gathering space for the new residents and surrounding neighbors.
“We brought together development, design, building and environmental experts, as well as local leaders to craft the Riverwalk vision,” said Eric Hepfer, managing director at Hines. “Hines is proud to be a part of bringing the community’s vision to life in Mission Valley.”
The Riverwalk residences will be for rent and will range from studios to townhomes. The retail space will be anchored by a grocery store and complemented by restaurants, bars, fitness studios and other stores and services.
Elected officials who spoke at the ceremony included California Assemblymember Christopher Ward, San Diego Mayor Todd Gloria, Chair of the San Diego County Board of Supervisors Nathan Fletcher and San Diego Councilmember Raul Campillo, as well as former San Diego City Councilperson Scott Sherman.
“Riverwalk is truly a posterchild for smart growth,” said Mayor Gloria. “When it comes to housing, mobility, natural resources, open space, environment, climate action—you can understand why the Mayor wants to be here today. This is a good day for San Diego.”
The completion and grand opening of Riverwalk San Diego’s phase one is slated for early 2025.
Also included in phase one is sidewalk and bike lane improvements along Friars Road to make for a more pleasant walking and biking experience. This work, expected to end by late 2023, will also include widening Friars Road, adding new traffic signals and installing a landscaped median.
The 18-hole Riverwalk Golf Course will remain open through phase one of construction and for a while thereafter.
Ultimately, Riverwalk will be anchored by a new San Diego Metropolitan Transit System (MTS) Green-Line trolley stop and town square at the heart of the village. Biking and walking paths will skirt and traverse Riverwalk, including an extension of the San Diego River Trail.
Nearly 100 acres of the village will be dedicated to open space and a regional park. Hines will also restore the stretch of the San Diego River that runs through Riverwalk.
At the completion of all phases, Riverwalk will also include:
- A total of 4,300 homes (10% of which will be income-qualified affordable housing), ranging from studios to three-bedroom houses
- 152,000 square feet of neighborhood-serving retail
- One million square feet of office space
- Transportation improvements, including:
- Intelligent traffic signals and new entryways on Friars Road (included in phase one)
- Flood capacity improvements to Fashion Valley Road
- 100 acres of parks and open space, including a 60-acre regional park celebrating the San Diego River
The Riverwalk plan, established through a partnership between Hines and the Levi-Cushman family landowners, incorporates extensive community input gathered over several years by the Hines team in over 100 stakeholder and community planning group meetings and charettes.
Due to its transit-, bicycle- and pedestrian-centric design, Circulate San Diego awarded Riverwalk San Diego a Mobility Certification. The Mobility Certification program evaluates and endorses transit-oriented, smart growth projects in the San Diego region that meet the program’s aspirational standards.
Riverwalk has also received support from San Diego River Park Foundation, YIMBY Democrats, The San Diego Audubon Society, San Diego and Imperial Counties Labor Council, San Diego Building and Construction Trades Council, Southwest Regional Council of Carpenters, IBEW 569, United Association of Plumbers & Steamfitters Local Union 230, San Diego Metropolitan Transit System, Climate Action Campaign and the San Diego Regional Chamber of Commerce.
This development is led by Eric Hepfer, managing director, and Pete Shearer, director at Hines.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit http://www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2021.
About USAA Real Estate
Along with its affiliate companies, USAA Real Estate invests across the risk spectrum for a global client base, managing over $34 billion in net assets under management within a diversified portfolio across North America and Europe. USAA Real Estate provides strategic equity and debt capital, including to capitalize on the accelerating demand for technology-driven real estate assets, to meet the critical need for housing solutions, and for other market and capital structure opportunities exhibiting compelling risk-return characteristics. For more information, visit usrealco.com.