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California's Affordable Housing and Sustainable Communities program has granted $41.1 million to Phase 1 of the master-planned Riverwalk San Diego

Phase 1 of $3B Mixed-Use Receives $41M State Funding

California’s Affordable Housing and Sustainable Communities (AHSC) program has granted $41.1 million to Phase 1 of Riverwalk San Diego, a $3-billion, 200-acre master-planned village in San Diego’s Mission Valley neighborhood. It will eventually contain 4,300 multifamily units, 110 acres of parkland, one million square feet of office and 150,000 square feet of retail on land currently used as a golf course, adjacent to a new trolley stop in Mission Valley.

A partnership between Hines and nonprofit developer Wakeland Housing and Development Corporation, it’s reportedly the only project in San Diego County to receive AHSC funds this year.

“This funding will truly transform lives by creating climate-friendly affordable homes with easy access to jobs, schools and transit,” said Wakeland president and CEO Rebecca Louie. “This is Wakeland’s third AHSC award, so we have seen firsthand how powerful the combination of affordable housing with sustainable transit can be.”

Construction is expected to start on the affordable housing component of Phase 1 of Riverwalk San Diego in early 2025. 

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.   


Inside The Story

Wakeland Housing and Development

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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