LONG BEACH, CALIF. — Multifamily developer JPI has received construction financing from Tokyo Tatemono US Ltd. and BMO Bank for Portico, a $150 million apartment project in Long Beach, a coastal city situated about 25 miles south of Los Angeles. Located at 450 The Promenade N, Portico marks the first phase of the Mosaic redevelopment project, formerly known as City Place Long Beach.
Slated for delivery in 2028, Portico will feature 272 multifamily units, including studio, one-, two- and three-bedroom apartments — 16 of which will be designated as affordable housing. The development will also include 18,841 square feet of ground-floor retail space, offering direct access to the pedestrian promenade.
Community amenities will include 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.
“This project represents a key step forward in reimagining downtown Long Beach,” says 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.”
The broader 14-acre Mosaic redevelopment, led by Turnbridge Equities, Waterford Property Co. and Monument Square Investment Group, will ultimately feature 900 multifamily residences and 38,000 square feet of commercial space.
JPI’s portfolio includes 394 apartment communities totaling more than 121,000 units. The firm maintains offices in Texas and California.
— Kristin Harlow and Amy Works