Construction on the massive Riverwalk housing project in Mission Valley is on hold.
The pause is due to market conditions and interest rates, according to Hines, the developer of the project. It comes as housing is in demand in San Diego.
“We need more housing. We need affordable deed-restricted housing, and we need all of the other types of housing that we could possibly get,” Will Moore, policy counsel at Circulate San Diego, said.
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Now that the project is on hold, it remains unknown when all of the planned housing units will hit the market.
“When a project like this gets stalled, goes down or doesn’t happen, that’s less homes for you or I to live in and that makes everything more expensive,” Moore said.
According to published plans, the project is expected to be a 200-acre master-planned community. The area will have 4,300 multi-family units — 430 of which will be affordable homes.
The majority of the project is privately funded, but ownership has been awarded state grant money towards the phase one affordable housing and transit stop, according to Hines.
“We recently completed the infrastructure installation and improvements on Friars Road, consistent with our commitment to the community that this critical roadwork would be done first," a Hines representative said in a statement to NBC 7. "Building construction will begin once permits are approved and financing is finalized. While we are behind schedule, we remain fully committed to the project and look forward to delivering this transformative development to the San Diego community."
