JPI Acquires Parcel at Mosaic Redevelopment in Long Beach

Momentum continues on the redevelopment of Mosaic in downtown Long Beach with the sale of a 1.58-acre portion of the site to multifamily developer JPI. The parcel, bound by Long Beach Boulevard, 4th Street, The Promenade North and 5th Street, is entitled for 272 units of class A luxury for-rent apartments, including 16 affordable units, and 19,000 square feet of ground-floor commercial space. JPI plans to brand its development Jefferson Long Beach.

Mosaic is a 14-acre, large-scale open-air retail, residential, creative office development property, led by a partnership comprised of Waterford Property Company, Turnbridge Equities and Monument Square Investment Group. This parcel is part of the larger entitlement project that will include 900 units of class A luxury for-rent apartments including 54 affordable units and 38,000 square feet of commercial space across three buildings.

“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, managing director of West Coast investments for Turnbridge Equities.