Hines has halted construction on a massive mixed-use redevelopment of the Riverwalk Golf Club in San Diego two years after breaking ground on the project, which when fully built plans for a total of 4,300 apartment units as well as office and retail space.
After completing about $90M of infrastructure and foundation work on the northern part of the 195-acre site, which runs along Friars Road in Mission Valley, Hines has shut down the mega-project and will not resume building until economic conditions improve.
According to a report in the San Diego Union-Tribune, the Houston-based developer cited the high cost of debt as well as high construction and supply costs as the reason for the pause.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
