Multifamily Developer Buys Part of Long Beach Mall Redo
Dallas-based JPI will build 272 units on parcel at Mosaic's downtown shopping mall.
Three partners who last year won approval from the Long Beach City Council to build a 900-unit multifamily development at the former City Place mall have sold a piece of the property to another developer, who also will build apartments.
Texas-based JPI has bought 1.6 acres at the site at 151 East Fifth Street from the development partnership of Turnbridge Equities, Waterford Property and Monument Square Investment Group for an undisclosed price.
Last May, the trio secured approval for a redevelopment of the mall involving the demolition of 200K SF of existing commercial space to make way for Mosaic, a multifamily campus of three eight-story podium-type apartment buildings encompassing 900 units, including 54 units reserved for very-low-income tenants.
JPI, headquartered in Dallas, will build 272 apartments on its parcel at the entitled site, according to a report in Urbanize L.A.
New York-based Turnbridge, Newport Beach-based Waterford and Beverly Hills-based Monument Square will retain ownership of the rest of the mall, which is approved for an additional 628 units. The project also plans for 150K SF of additional retail, the report said.
“It’s an important milestone having JPI, a nationally recognized developer, move forward with the first phase at Mosaic bringing a much-needed new supply of residential units to downtown Long Beach,” said Michael Gazzano, Turnbridge Equities managing director, in a statement.
“Mosaic is quickly becoming the epicenter for Long Beach. With the completion of this parcel sale, our team’s immediate focus remains on elevating the mix of retail and restaurant options creating a true food destination for the city,” Gazzano said.
A year ago, the Long Beach City Council voted unanimously to reject an appeal of its approval of the Mosaic project.
The appeal was filed by the Coalition for Responsible Economic Development Los Angeles, also known as CREED LA, a nonprofit coalition of labor unions who argued that the project’s impacts weren’t adequately studied by the environmental impact assessment.