Hines Pauses Construction on $4B Riverwalk MXU in San Diego

Hines has paused construction on its $4-billion Riverwalk mixed-use development in San Diego after completing $90 million worth of infrastructure work. The Houston-based real estate investment manager is waiting for more favorable financial conditions before proceeding.  

“While we don’t have a firm date for when construction will resume, we and our partners remain fully committed to the project and look forward to delivering this transformative development to the San Diego community,” Hines said in a status report posted to the project’s website. 

Managing director Eric Hepfer told the San Diego Union-Tribune, ““When we started this project, we knew that we would face economic cycles, and the partnership was set up for that. And so we find ourselves in a moment where there’s some volatility in the markets, but that’s really a blip on the radar screen.” 

With 2035 completion planned, Riverwalk will include 4,300 apartments and condominiums, 152,000 square feet of retail space, one million square feet of office and a new trolley stop. The 195-acre project will eventually replace the Riverwalk Golf Club at 1150 Mission Valley Rd. 

Rendering courtesy of Gensler.