Hines JV Breaks Ground on 721-Unit San Diego Project

Fares A • November 3, 2025

San Diego's Mission Valley is getting a major transformation with the groundbreaking of Riverwalk San Diego's first phase. Global real estate firm Hines, partnering with Affinius Capital, Bank OZK, Related Fund Management, and Heitman, has launched construction on this 200-acre mixed-use development. Phase one delivers 721 residential units, about 17% of the project's total scope, backed by a $380 million financing package. At Cali Dream Construction, we keep an eye on game-changing projects like this that redefine urban living in our backyard. Here's the full rundown.


Project Snapshot: Phase One Details

This initial phase focuses on creating a vibrant, walkable community within the larger Riverwalk vision.

  • Units: 721 multifamily homes
  • Buildings: Four structures
  • Retail: 75,000 square feet, grocery-anchored
  • Amenities: Central village green
  • Timeline: Construction underway; first homes available in 2028; full phase completion in spring 2029
  • Designer: Gensler

The development sits in Mission Valley, a submarket known for its central location and access to major thoroughfares.


Financing Breakdown

Securing funds for large-scale multifamily projects requires strategic partnerships, and Riverwalk Phase One is no exception.

  • Total Package: $380 million
  • Senior Loan: $278 million from Bank OZK
  • Mezzanine Loan: $102 million from Related Fund Management via its Related Real Estate Debt Fund IV

This capital structure supports the build-out while aligning with market demands for mixed-use spaces.



Affordable Housing and Transit Integration

Sustainability and accessibility are baked into the plans.

  • Affordable Component: A separate 190-unit project in collaboration with Wakeland Housing, already under construction
  • Trolley Station: New station construction accelerated thanks to a $41.1 million grant from the Affordable Housing and Sustainable Communities program

These elements ensure broader community benefits beyond luxury living.



Full Build-Out Vision for Riverwalk San Diego

Phase one is just the starting point for a comprehensive neighborhood overhaul.

  • Total Units: 4,300 (10% income-restricted)
  • Retail Space: 150,000 square feet
  • Office Space: 1 million square feet
  • Open Space: 110 acres of parks and trails

The site previously hosted a golf course, with $90 million already invested in infrastructure upgrades prior to this groundbreaking.



Project Evolution and Delays

Originally slated for a September 2022 start, the initial phase was envisioned with 930 units across five buildings. Adjustments scaled it to the current 721-unit, four-building layout, allowing for refined planning and financing alignment. (Source: The San Diego Union-Tribune)



San Diego's Multifamily Boom in Context

Riverwalk joins a wave of activity in the local market, per Yardi Matrix data as of October 2025.

  • Projects Underway: 66 multifamily developments
  • Total Units in Pipeline: 12,243
  • Year-to-Date Groundbreakings: 17 projects adding 2,983 units

Notable recent starts include:

  • Stella Apartments by Murfey Co.: 149 units, financed with a $46.5 million construction loan; delivery targeted for Q2 2027

This growth reflects San Diego's appeal for developers targeting diverse housing needs.




Key Partners and Stakeholders

  • Developer: Hines (joint venture lead)
  • Capital Partners: Affinius Capital, Bank OZK, Related Fund Management, Heitman
  • Affordable Housing Partner: Wakeland Housing
  • Architect: Gensler

For the latest updates, visit the official project site at riverwalksd.com or Hines' portfolio page at hines.com.

At Cali Dream Construction, we're excited about how projects like Riverwalk enhance San Diego's livability—from new homes to green spaces and transit options. If you're eyeing a build or remodel in Mission Valley or beyond, infrastructure upgrades like these create prime opportunities. Drop by calidreamconstruction.com for insights on turning visions into reality. More local development spotlights coming soon!

By Fares A November 15, 2025
Ramona, a growing unincorporated community in San Diego County's backcountry, is seeing new life breathed into one of its long-vacant landmarks. The former Kmart at 1855 Main Street—empty since 2020—is undergoing a major transformation into Ramona Station , a multi-tenant retail center. Construction officially kicked off in late 2025, marking the end of years of planning and anticipation for this key commercial hub. At Cali Dream Construction, we spotlight projects like this that repurpose existing structures and boost local economies. Here's the full breakdown on what's happening, who's involved, and what shoppers can expect. Project Location and History The site sits prominently on Main Street (State Route 67/78) in central Ramona, a rural-yet-accessible area about 35 miles northeast of downtown San Diego. Address : 1855 Main Street, Ramona, CA Original Building : Approximately 100,000 square feet, built as a Kmart big-box store Closure : Kmart shuttered in 2020 amid company-wide changes Sale : Property transferred to Ramona Station LLC in 2022 for $7.3 million The vacancy had been a topic of community discussion for years, with earlier proposals surfacing as far back as 2023. Key Players and Development Team The redevelopment is a collaborative effort focused on adaptive reuse. Ramona Station LLC and Tourmaline Capital (handling project management and construction oversight) are working with John Ardigo, Director of Construction at Tourmaline Capital. A tlantis Group Land Use Consultants (earlier phases) has Reviewed and recommended by the Ramona Community Planning Group, Ramona Design Review Board, and final decisions by San Diego County Plans received approvals from local boards in 2023, paving the way for permits and financing. Work started on the facade in November 2025, with crews focusing on exterior updates first. Confirmed Tenants Bringing Fresh Retail Options Ramona residents have been vocal about needing more shopping variety, and these anchors deliver: Marshalls : Approximately 23,002 square feet – off-price apparel and home goods Grocery Outlet Bargain Market : Around 18,000 square feet – discount groceries PetSmart : About 9,470 square feet – pet supplies and services Five Below : Roughly 17,332 square feet – affordable trendy items for teens and families These brands were identified as frontrunners early in planning and are now locked in for the revamp. Timeline and Progress Updates After delays common in post-pandemic commercial projects, momentum has picked up. Planning Milestones : Initial presentations in 2023; approvals from Design Review Board (October 2023) and Community Planning Group (November 2023) Construction Start : Late 2025 (facade work underway as of November 2025) Target Opening : End of summer 2026 for shops to welcome customers John Ardigo noted in recent statements: “We’re excited to work with the community of Ramona to enhance the local shopping opportunities here.” For the latest visuals, check renderings in the San Diego Union-Tribune coverage at sandiegouniontribune.com/2025/11/10/construction-is-underway-on-long-awaited-ramona-station-project-at-former-kmart-site . Community Impact and Broader Context for San Diego Ramona Station addresses a gap in everyday retail for the area's 20,000+ residents, reducing drives to Poway or Escondido for basics. It joins other 2025-2026 projects in Ramona, like a new Starbucks and Children's Paradise Day Care, signaling steady growth in this wine-country community. The project aligns with San Diego County's focus on revitalizing unincorporated areas through private investment—no major public funding noted here. At Cali Dream Construction, repurposing big-box sites like this one is a win for sustainability and local vibrancy—fewer new foundations mean faster timelines and less disruption. Whether you're a Ramona homeowner eyeing commercial upgrades or just tracking East County progress, this one's worth watching. For insights on retail remodels or adaptive reuse in San Diego County, visit our services page . More backcountry build updates coming soon—because in Ramona, even old Kmarts get a stylish second act.
By Max November 14, 2025
Interstate 5 serves as San Diego County's lifeline, carrying hundreds of thousands of vehicles daily from the border to North County. Right now, a major preservation initiative—the I-5 Asset Management Project—is underway to extend the freeway's lifespan without full replacements. With weekend closures making headlines in November 2025, this roughly $114 million effort (often rounded to $100M+ in coverage) focuses on pavement rehabilitation across a vast southern segment. At Cali Dream Construction, we track these roadway upgrades because smoother infrastructure supports everything from daily commutes to heavy-haul projects. Here's the objective breakdown, including agencies, scope, funding, and timelines. Project Overview and Goals The I-5 Asset Management Project targets long-term maintenance reduction on one of California's busiest corridors. Primary Focus : Rehabilitate pavement on main roadways, shoulders, and ramps to improve ride quality and extend service life. Coverage Area : Spans approximately 27 miles through the cities of San Diego, Chula Vista, National City, and up to 0.3 miles south of Via De La Valle (near Del Mar/Solana Beach border). Starts at Camino De La Plaza near the international border. Key Benefits : Reduces future repair needs, enhances safety through better traffic flow, and incorporates updated traffic management systems. This "fix it first" approach prioritizes preserving existing assets over expansion, aligning with statewide strategies for sustainable infrastructure. Total Cost and Funding Sources The project carries a price tag of $113,745,800 (commonly reported as $114 million or rounded to $100M+). Federal Contribution : $102,618,300 from the State Highway Operation Protection Program (SHOPP). State Contribution : $11,127,500 from SB1 (Road Repair and Accountability Act) funds. It's one piece of a broader $623 million Caltrans investment across I-5, I-805, and SR-78 in San Diego County, plus part of $1.6 billion in ongoing countywide work. Lead Agency and Key Players Lead Agency : California Department of Transportation (Caltrans) District 11. No Direct SANDAG Involvement Noted : Unlike North Coast Corridor projects, this falls under Caltrans' direct oversight for asset management. Caltrans handles planning, execution, and public notifications, including detour coordination during closures. Construction Timeline and Progress Work kicked off earlier in 2025, with phased implementation to minimize disruptions—though full weekend closures are required for major paving segments. Start Date : Spring/Summer 2025 (part of the $623M package announced in May 2025). Ongoing Activities : Pavement grinding, repaving, ramp upgrades, and shoulder improvements. Expected Completion : Phased through 2027, with major segments wrapping by late 2026 or early 2027 (tied to the larger $623M initiative). As of November 14, 2025, the project is actively advancing, with recent and upcoming full closures highlighting progress. Recent and Upcoming Closures: What Drivers Need to Know To accelerate work, Caltrans schedules 55-hour weekend shutdowns—closing all lanes in one direction while keeping the opposite open when possible. Notable 2025 closures include: September 5-8 : Southbound I-5 from SR-52 to Mission Bay Drive. September 26-29 : Northbound I-5 from I-8 to Mission Bay Drive. October (various weekends) : Northbound along Mission Bay area. November 7-10 : Southbound from SR-52 to Mission Bay Drive (9 p.m. Friday to 5 a.m. Monday). These allow crews to complete large paving sections safely. Detours typically route traffic via I-805 or local arterials. For real-time alerts, follow @SDCaltrans on X or visit the Caltrans QuickMap at quickmap.dot.ca.gov . Broader Context in San Diego's Infrastructure Pipeline This project complements other I-5 efforts, like the North Coast Corridor (SANDAG/Caltrans collaboration wrapping major phases by end of 2025) and rail improvements. It addresses decades of wear on sections built in the 1960s-1970s, ensuring the freeway handles growing demands from commuters, freight, and tourism. For full details and updates, check the official Caltrans page at dot.ca.gov/caltrans-near-me/district-11 or the project-specific alerts. At Cali Dream Construction, reliable roads like a refreshed I-5 make our San Diego County jobs—from residential remodels to commercial builds—that much smoother. If weekend detours have you rethinking routes (or driveways), explore our general contracting services for practical solutions. More on local mega-projects soon—because in San Diego, progress never hits the brakes for long.
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