JPI Starts Portico Construction in Long Beach

Key Points

• JPI began construction on Portico, a 272-unit apartment building in downtown Long Beach
• The $150 million project is the first phase of the Mosaic redevelopment of City Place Long Beach
• Delivery is targeted for June 2028, with retail planned at street level

Dallas-based JPI has broken ground on Portico, launching the first phase of a broader redevelopment of the former City Place Long Beach shopping center in downtown Long Beach. The eight-story multifamily project anchors Phase I of Mosaic, a 14-acre overhaul of the 1990s-era mall site that aims to reintroduce housing density and retail activity to a key downtown block.

Project Scope and Timeline

Portico will deliver 272 apartments, offering studio through three-bedroom floor plans, along with 18,841 square feet of ground-floor retail. Construction is underway, with completion slated for June 2028. Amenities are designed to compete for renters in a coastal urban market and include a rooftop deck, speakeasy-style lounge, golf simulator, fitness center, sauna, and a pool deck overlooking the Mosaic shopping center. Architecture is led by AC Martin.

Financing and Partners

The $150 million development is backed by financing from Tokyo Tatemono and BMO Bank. The site was cleared earlier this year, clearing the path for vertical construction.

A Larger Mall to Multifamily Play

Portico is the opening move in the Mosaic master plan, a larger redevelopment effort led by Turnbridge Equities, Waterford Property Company, and Monument Square Investment Group. When fully built out, Mosaic is expected to deliver 900 multifamily residences and 38,000 square feet of commercial space, replacing a retail heavy layout with a mixed-use, housing forward plan aligned with post-pandemic urban demand.

Why It Matters

Mall to multifamily conversions continue to gain traction across California as cities look to backfill underperforming retail with housing. In Long Beach, the Mosaic redevelopment positions downtown for additional residential density while maintaining a retail presence tied to daily needs rather than destination shopping.

Bottom Line

JPI’s Portico project marks a significant step in reactivating a long-standing downtown Long Beach retail site. With construction underway and a broader mixed-use vision behind it, Mosaic reflects how capital is repositioning aging malls into housing-driven urban districts.