One year removed from obtaining approvals to redevelop the site with housing and commercial uses, the owners of the Mosaic shopping mall in Downtown Long Beach are offloading a portion the property to developer JPI.

JPI, which is headquartered in Dallas, Texas, is buying a 1.58-acre section of the property bounded by Long Beach Boulevard, 4th Street, The Promenade North, and 5th Street, where it intends to move forward with the entitled plan for 272 rental apartments. The project, to be branded as Jefferson Long Beach, will include 16 affordable units and 19,000 square feet of ground-floor commercial space.

View from The Promenade and E 4th StreetMVE + Partners

Turnbridge Equities, Waterford Property Company, and Monument Square Investment Group, the sellers, will retain ownership of the rest of the mall, which is approved for an additional 628 residential units. MVE + Partners designed the approved project, calls for a series of eight-story podium-type apartment 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 Turnbridge Equities managing director Michael Gazzano. “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.”

Kevin Shannon, Ken White, Chris Benton, Anthony Muhlstein and Gabe Munson of Newmark represented the sellers in the deal.

Mosaic, which consists of 150,000 square feet of additional retail, also announced new tenants including Broken Spirits Distillery and Restaurant, a new concept from the team behind Mezcalero, and Ammatoli. Other recent openings include Sake Secret and Coffee Station Cafe.

Aerial view of City Place in Downtown Long BeachTurnbridge Equities / Waterford Property Company / Monument Square Investment Group

Longbeachize reports that Jefferson Long Beach is on track to break ground later this year.

This is not JPI's first attempt to build in Downtown Long Beach. Previously, the developer was attached to a plan to build more than 580 homes on the former site of Long Beach City Hall a few blocks to the southwest.

Other developments from JPI now taking shape in Southern California include housing developments next to Metro stops in Monrovia and Inglewood.

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