The Riverwalk San Diego project, a significant mixed-use development, is set to receive an impressive $41.1 million from the Affordable Housing and Sustainable Communities (AHSC) program in its quest to provide environmentally friendly, affordable housing, and enhanced public transit access in Mission Valley. This funding allocation makes the Riverwalk project the only San Diego County effort to be awarded this indispensable financial support in 2023, as reported by San Diego Community News.
This groundbreaking initiative comprises a $3 billion, 200-acre master-planned village, and will ultimately contain 4,300 multifamily units – 430 of which are to be affordable homes. The state-of-the-art community will encompass 110 acres of parkland, 1 million square feet of office space, and 150,000 square feet of retail on land formerly occupied by a golf course. The developers at the helm are the private real estate firm Hines and local nonprofit Wakeland Housing and Development Corporation.
Phase 1 of the project includes the construction of 188 affordable homes, a strategically located MTS Green Line Trolley stop, and improved bicycle and pedestrian infrastructure along the existing San Diego River trail.
Wakeland Housing and Development Corporation President and CEO Rebecca Louie passionately emphasized the importance of the AHSC funding, stating, "This funding will truly transform lives by creating climate-friendly affordable homes with easy access to jobs, schools and transit.” Louie went on to acknowledge the support and recognition from the California Strategic Growth Council, California Department of Housing and Community Development, and California Air Resources Board for this innovative project, per San Diego Community News.
Since 2017, Wakeland has embodied a commitment to affordable housing developments, leveraging $400 million in Low Income Housing Tax Credits and creating more than 7,900 affordable homes across California. The company has secured over $80 million from the AHSC program, a crucial component in supporting community-centered projects committed to sustainability and reducing greenhouse gas emissions through the promotion of walking, bicycling, and public transit usage.
Hines' Managing Director, Eric Hepfer, emphasized the importance of community collaboration throughout the development of the Riverwalk San Diego project, declaring, "This grant will allow us to provide more affordable housing than what would be required in the first phase of construction and deliver it at the same time as the Trolley stop, to fulfill the vision we promised the community from day one." Hepfer's comments, as mentioned in Times of San Diego, are a testament to the commitment both Hines and Wakeland Housing have to promoting a greener future for Mission Valley.
Applauding the Riverwalk project, Lynn von Koch-Liebert, Executive Director of the Strategic Growth Council, stated, "This project will create 188 units of high-quality affordable housing, prioritizes pedestrian-first transportation options, and cultivates energy-efficient places where residents can strengthen the social fabric of the community." Koch-Liebert expressed enthusiasm for how the project will foster climate resilience and equity in San Diego, as reported by San Diego Community News.
Another vocal supporter, California Department of Housing and Community Development (HCD) Director Gustavo Velasquez, believes the Riverwalk Phase 1 project will ignite a new era in high technology married with energy efficiency. As Velasquez stated, future residents of this unique village will be connected to their community "through shared spaces and activities" and to nature through "parks and walking paths," according to San Diego Community News.
With this unprecedented $41.1 million funding backed by the State of California, the Riverwalk San Diego project is poised to break ground on Phase 1 in early 2025.
