A transit-oriented mixed-use development in Mission Valley received $41.1 million from the Affordable Housing and Sustainable Communities program, officials said Thursday.
The state funding is administered through the California Strategic Growth Council, which supports community designs that make it easier for Californians to walk, bike and use transit.
The Riverwalk San Diego development is a 200-acre, master-planned village that will eventually contain 4,300 multi-family units – 430 of which will be set aside as affordable housing.
The project also is set to include 110 acres of parkland, 1 million square feet of office space and 150,000 square feet of retail on land currently being used as a golf course, according to a statement from the developers.
The funding is to be applied toward the first phase of the project, which is slated to include 188 affordable homes, a Green Line Trolley stop and new bicycle and pedestrian amenities along the existing San Diego River trail.
Riverwalk is the result of a partnership between the privately owned real estate development firm Hines and local nonprofit Wakeland Housing and Development Corporation.
“This funding will truly transform lives by creating climate friendly affordable homes with easy access to jobs, schools and transit,” said Rebecca Louie, Wakeland’s president and CEO. “This is Wakeland’s third AHSC award, so we have seen firsthand how powerful the combination of affordable housing with sustainable transit can be.”
The firm said it has created more than 7,900 affordable homes throughout the state, using $400 million in Low-Income Housing Tax Credits.
Ground was broken on the project last year. Completion of Phase 1 construction is expected in 2025.
“We collaborated with the community from day one to create the Riverwalk San Diego vision: a mixed-use, transit-oriented, attainable village,” said Eric Hepfer, Hines’ managing director. “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.”
– City News Service
