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October 3, 2023
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MULTIFAMILY NEWS
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Phase 1 of Riverwalk San Diego Awarded $41 Mil Grant from Affordable Housing and Sustainable Communities

9/08/23

A transformative development that will create energy-efficient affordable housing alongside a new Trolley station in Mission Valley is the only San Diego County project awarded funding this year from a leading-edge State of California program designed to fight climate change.

The highly competitive Affordable Housing and Sustainable Communities (AHSC) program has granted $41.1 mil to Phase 1 of Riverwalk San Diego, a $3 bil, 200-acre master-planned village that will eventually contain 4,300 multifamily units 430 of which will be affordable homes, 110 acres of parkland, 1 msf of office, and 150k sf of retail on land that is currently used as a golf course.

Phase 1 includes 188 affordable homes, a centrally located MTS Green Line Trolley stop, and new bicycle and pedestrian infrastructure along the existing San Diego River trail. The project is the result of a partnership between the privately-owned real estate development firm Hines and local nonprofit Wakeland Housing and Development Corporation.

The $41.1 mil granted to Riverwalk San Diego is the single-highest award AHSC has given to a San Diego-area project. Since the program started in 2014, it has awarded $3 bil in loans and grants toward the construction of more than 17,000 affordable homes and thousands of transportation improvement projects that have reduced greenhouse gas emissions by 5 million tons the equivalent of taking 11 million gas-powered cars off California roads.

Construction is expected to start on the affordable housing portion of Phase 1 of Riverwalk San Diego in early 2025. Work on other elements of the first phase could start as early as later this year.





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