JPI Plans new Luxury Apartment Development in Mosaic Long Beach

In downtown Long Beach, progress on the revitalization of Mosaic gains traction with the recent sale of a 1.58-acre segment to JPI, a multifamily developer. The plot, situated between Long Beach Boulevard, 4th Street, The Promenade North, and 5th Street, is earmarked for a mixed-use development. JPI intends to christen their project as Jefferson Long Beach, which will comprise 272 luxury rental apartments, including 16 designated as affordable, alongside 19,000 square feet of commercial space on the ground floor.

Overview of Mosaic Project

Mosaic, spanning 14 acres, is a comprehensive mixed-use development initiative spearheaded by a collaborative effort between Waterford Property Company, Turnbridge Equities, and Monument Square Investment Group. This recent transaction with JPI represents a segment of the broader entitlement project. Upon completion, Mosaic is slated to offer 900 luxury rental apartments, including 54 affordable units, and 38,000 square feet of commercial space across three buildings.

Significance of the Development

Michael Gazzano, managing director of West Coast investments for Turnbridge Equities, underscores the significance of JPI's involvement as a nationally recognized developer in advancing the first phase of Mosaic. This move is seen as crucial in addressing the demand for additional residential units in downtown Long Beach.