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Hines, in collaboration with Affinius Capital, Bank OZK, Related Fund Management, and Heitman, has officially broken ground on the first phase of Riverwalk San Diego — a transit-oriented, 200-acre mixed-use development located in San Diego’s Mission Valley submarket.
Phase one of the project will introduce 721 market-rate apartments, making up approximately 17% of the total planned development. In addition to residential space, the full project will include a combination of retail outlets, office space, and public parks, aiming to create a fully integrated and accessible urban village.
“At Hines, we believe this is the moment to act boldly, to invest in projects that reflect long-term fundamentals and deliver lasting value,” said Ray Lawler, CEO of Hines Americas. “Riverwalk is a powerful example of that conviction, which plays out in the living sector. We believe in creating community-first, transformative environments that meet today’s needs and shape tomorrow’s cities.”
This milestone follows the successful closing of $380 million in project financing, which includes a $278 million senior loan from Bank OZK and a $102 million mezzanine loan from Related Fund Management, secured through its Related Real Estate Debt Fund IV.
Riverwalk San Diego is designed to be a sustainable and vibrant addition to San Diego, aligning with the region’s growth and commitment to transit-oriented development.
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