Riverwalk San Diego Phase One framing underway

What's happening

Hines and USAA Real Estate are building Phase One of Riverwalk San Diego, a 200-acre transit-oriented redevelopment of the former Riverwalk Golf Club in Mission Valley. Full buildout calls for about 4,300 homes, 1 million square feet of office, 150,000 square feet of retail and large park areas.

The project's Q2 2026 update reports framing underway on The Becker, 190 affordable homes expected in July 2027. The Village at Riverwalk, with 721 apartments and about 75,000 square feet of retail, dining and a grocer, is expected to open in phases from February to December 2028. Site work has started on 276 for-sale townhomes, and planning continues on a new MTS Green Line trolley station.

• Size: 200 acres; about 4,300 units, 1M SF office, 150,000 SF retail at buildout
• Developer: Hines with USAA Real Estate
• Location: Former Riverwalk Golf Club, Mission Valley, San Diego
• Status/Timing: Phase One under construction; first openings 2027-2028
• Phase One: 721 apartments, 190 affordable homes, 276 townhomes

What it means for owners, tenants and investors

Riverwalk adds a new neighborhood with built-in transit to Mission Valley. Nearby retail and office owners could see more daytime and residential population; competing multifamily owners should expect new supply from 2027. The office component is a later phase.

Riverwalk's first homes and retail are scheduled for 2027 and 2028, with a trolley stop planned alongside.

What to watch

Retail and grocer tenant announcements, townhome sales launch at the end of 2026, and timing of the trolley station and later office phases.

Imagery: Google Earth.