Momentum continues on the redevelopment of Mosaic in downtown Long Beach with the sale of a 1.58-acre portion of the site to multifamily developer JPI.
Mosaic is a 14-acre, large-scale open-air retail, residential, creative office development property, led by a partnership comprised of Waterford Property Company, Turnbridge Equities and Monument Square Investment Group. This parcel is part of the larger entitlement project that will include 900 units of class A luxury for-rent apartments including 54 affordable units and 38,000 square feet of commercial space across three 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 Michael Gazzano, managing director of West Coast investments for Turnbridge Equities.
JPI is a national developer, builder and investment manager of Class A multifamily assets across the U.S. and is the most active multifamily developer in Dallas-Fort Worth, with over 5,000 apartment homes under construction. Headquartered in Irving, Texas, JPI also has an office in California. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has an average of 25 years of comprehensive experience in multifamily developments—ranging from low-density garden apartments and mid- to high-density wrap and podium projects to student-living housing projects and mixed-use high-rise developments. The firm offers investment management, predevelopment, underwriting, marketing and asset management services as well as construction, financial and administrative services.
