Riverwalk developer secures $380M, resumes construction on Mission Valley project

Fares A • November 3, 2025

San Diego's Mission Valley is buzzing again with the resumption of construction on the Riverwalk San Diego project. Houston-based Hines, leading the charge with equity partner Affinius Capital, has locked in a $380 million financing package to kick off the first phase after a market-driven pause. This 200-acre development, set to replace the former Riverwalk Golf Club, promises a blend of housing, retail, offices, and green spaces. At Cali Dream Construction, we follow these large-scale builds closely—they're reshaping our local landscape one phase at a time. Here's a detailed look at the latest developments, straight from the project's evolution.

Project Background: From Golf Course to Urban Oasis

Riverwalk San Diego has been in the works since 2017, when Hines teamed up with the longtime property owners, the Levi-Cushman family, to reimagine the 195-acre site at 1150 Fashion Valley Road. The San Diego City Council approved the plan in 2020, envisioning a $4 billion mixed-use neighborhood along the San Diego River Pathway, just west of Fashion Valley Mall and bisected by the trolley line.

Initial groundbreaking happened in September 2022 on the site's shuttered northern nine-hole golf course, focusing on infrastructure like utilities, foundations, and Friars Road upgrades costing $90 million. But by early 2024, high interest rates, debt costs, and market volatility led to a construction halt on the main residential components. Hines emphasized the pause was temporary, with infrastructure commitments already met, and reaffirmed their dedication to delivering the project.

Fast-forward to October 2025: With financing in hand, crews broke ground anew on October 28, signaling a strong rebound for the development.

The $380M Financing Package: Fueling Phase One

Securing capital in today's real estate climate isn't for the faint of heart, and Riverwalk's deal reflects that grit. The total $380 million construction financing breaks down as follows:

  • Senior Loan: $278 million from Bank OZK, providing the bulk of the debt for core construction.
  • Mezzanine Loan: $102 million originated by Related Fund Management through its Related Real Estate Debt Fund IV, layering in flexible equity-like support.

Aram Zakian, Managing Director of Originations at Bank OZK, highlighted the project's solid fundamentals in a statement: "This financing underscores our confidence in the project's strong fundamentals and long-term value." Ray Lawler, Hines' Head of Americas, added a forward-looking note: "Across the country, we’re seeing a clear shift—the market has reset, and the next cycle is underway. Riverwalk is a powerful example of that conviction."

This funding greenlights the erection of residential and retail structures, putting the project back on track after the hiatus.

Phase One Scope: 721 Units and Community Anchors

The resumed work targets the first phase, dialed back from an original plan of 930 units across five buildings to a more streamlined 721 units in four structures. Designed by Gensler, this segment emphasizes walkability and integration with the surrounding valley.

Key elements include:

  • Residential: 721 multifamily apartments and townhomes, blending market-rate and future income-restricted options.
  • Retail: 75,000 square feet of grocery-anchored shops for everyday needs.
  • Green Space: A central village green to foster community gatherings.
  • Timeline: First units online in 2028, with full phase completion by spring 2029.

This phase represents about 17% of the overall project footprint, laying the groundwork for phased expansion.

Affordable Housing and Transit Boosts: Building Inclusivity

Riverwalk isn't just about upscale living—affordability and connectivity are core to its blueprint. As part of a 2020 city agreement, Hines must deliver 430 income-restricted units at or below 65% of the area median income across the project.

  • The Becker Project: A 190-unit affordable complex, co-developed with Wakeland Housing and Development Corporation, kicked off in July 2025 with separate $140 million funding. It's already advancing, separate from the main phase financing.
  • New Trolley Station: Construction on a Green Line stop for the San Diego Metropolitan Transit System has been fast-tracked via a $41.1 million Affordable Housing and Sustainable Communities grant, enhancing access without a car.

San Diego Mayor Todd Gloria noted the city's role: "I’m proud the City could be a partner in helping this ambitious project navigate challenging conditions."

Full Build-Out Vision: A 2035 Neighborhood Horizon

When complete around 2035, Riverwalk will span 200 acres with a comprehensive mix:

  • Housing: 4,300 units total (10% income-restricted).
  • Retail: 152,000 square feet for shops and services.
  • Office: 1 million square feet of flexible workspaces.
  • Open Space: 110 acres of parks, trails, bikeways, and pedestrian paths along the San Diego River—up from prior plans for more contiguous green areas.
  • Infrastructure: Flood upgrades along Fashion Valley Road and habitat restoration for the river ecosystem.

The design prioritizes safety, sustainability, and reduced traffic impacts, with a downtown-style main street threading through the trolley-bisected site.

Market Context: San Diego's Multifamily Momentum

Riverwalk's revival mirrors a broader uptick in San Diego's housing pipeline. As of October 2025, Yardi Matrix reports 66 multifamily projects underway citywide, poised to add 12,243 units. Year-to-date groundbreakings include 17 developments totaling 2,983 apartments, signaling developer confidence amid stabilizing rates.

For comparison, nearby efforts like Murfey Co.'s 149-unit Stella Apartments—backed by a $46.5 million loan and eyeing Q2 2027 delivery—highlight the region's focus on mid-scale infill. Projects like Riverwalk, with their mixed-use scale, address housing shortages while weaving in transit and green perks.

Key Partners Driving the Project Forward

A collaborative lineup powers Riverwalk's progress:

  • Developer: Hines (lead), with Affinius Capital as equity partner.
  • Land Owners: Levi-Cushman family, stewards of the site for over a century.
  • Financiers: Bank OZK, Related Fund Management, Heitman.
  • Affordable Housing Ally: Wakeland Housing.
  • Architect: Gensler.
  • Public Partners: City of San Diego, San Diego Metropolitan Transit System, and state grant programs.

For visuals and timelines, check the official site at riverwalksd.com or Hines' portfolio at hines.com/properties/riverwalk-san-diego.

At Cali Dream Construction, we appreciate how mega-projects like Riverwalk underscore the value of resilient planning in San Diego's dynamic market—because sometimes, hitting pause is just the setup for a stronger swing. Whether you're a homeowner pondering an addition or a business scouting commercial space, these valley evolutions open doors. Head to calidreamconstruction.com/services for objective guidance on your next build, and keep an eye out for more local spotlights.

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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