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.
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