California is witnessing a surge in major real estate developments that will reshape urban landscapes across the state. From Greystar’s largest-ever mixed-use project in Southern California to Sacramento’s transformation of a former basketball arena into a housing hub, and San Diego’s efforts to balance redevelopment with affordable housing commitments, these projects reflect both the challenges and opportunities in the Golden State’s evolving market. Below, we explore three high-profile initiatives that highlight the complexities of addressing California’s housing shortage while pursuing bold urban redevelopment.
Here are the development updates to keep an eye on:
Greystar Unveils Massive Mixed-Use Development in Southern California
Greystar has unveiled its largest ever mixed-use project to date, The Row at Red Hill in Santa Ana, California. This $650 million development, which includes 1,100 residential units and 40,000 square feet of commercial space, is spread across 14.5 acres. The project, still under construction with a 2025 completion date, offers a variety of amenities such as rooftop decks, pools, spas, a fitness club, and smart home technology. The development is strategically located near Irvine and Tustin, offering residents access to major commuter routes and local amenities. As California continues to struggle with a housing shortage, Greystar’s ambitious project provides much-needed housing in a challenging market.
New Master Plan Slated for Former Basketball Arena Site in Sacramento
The site of Sacramento’s old Sleep Train Arena is getting a new life as a master-planned community called Innovation Park. Costa Mesa-based Argent Development is spearheading the project, which will feature 2,500 housing units, 10% of which are designated as affordable. The development, expected to begin infrastructure construction in 2025, will also include a California Northstate University Medical Center, parks, schools, and retail spaces. As the city of Sacramento continues to expand, Innovation Park is set to be one of the region's largest residential projects, providing much-needed housing while embracing its sports venue heritage.
San Diego's Sports Arena Redevelopment Delayed to Secure Affordable Housing Funding
The redevelopment of the San Diego Sports Arena site, led by the Midway Rising team, has been delayed until early 2025. The city is working to secure a consultant to form an Enhanced Infrastructure Financing District (EIFD), a critical step for financing 2,000 promised affordable housing units. Midway Rising's commitment to affordable housing—serving low-income households—hinges on financial assistance through the EIFD, a mechanism that captures property tax growth to fund public infrastructure. This pause, though a setback, is necessary to ensure the affordability pledge is met. The final vote for the redevelopment, which includes 4,250 residential units and a new 16,000-seat arena, is expected next year.
