LONG BEACH, CA - JPI, a leader in Class A multifamily development, in partnership with Tokyo Tatemono US Ltd. and BMO Bank, has closed on construction financing for Portico, a $150 million, mixed-use development in Long Beach, Calif. Located at 450 The Promenade North, Portico marks the first phase of the highly anticipated Mosaic redevelopment project, formerly known as City Place Long Beach.
Slated for delivery in 2028, Portico will feature 272 multifamily units, including studio, one-bedroom, two-bedroom, and three-bedroom apartments – 16 of which will be designated as affordable housing units. The development will also include 18,841 square feet of ground-floor retail, offering direct access to the pedestrian promenade and enhancing the area’s walkability and vibrancy
“This project represents a key step forward in reimagining Downtown Long Beach,” said Mollie Fadule, Chief Financial and Investment Officer at JPI. “With the support of Tokyo Tatemono US Ltd. and BMO Bank, we are not just building homes, we are creating a destination that blends housing, retail, and culture into a thriving urban experience.”
Residents will enjoy a suite of elevated amenities, including a speakeasy, rooftop deck, sports simulator, sauna, and pool deck overlooking the Mosaic shopping center. Public art murals will adorn the building’s brick façade.
The broader 14-acre Mosaic redevelopment, led by Turnbridge Equities, Waterford Property Company, and Monument Square Investment Group, will ultimately deliver 900 multifamily residences and 38,000 square feet of commercial space, transforming the heart of Long Beach into a dynamic live-work-play environment.