Portico: Long Beach's $150M Development Set to Transform Downtown Living by 2028

In a significant advancement for Long Beach, California, JPI, a prominent player in Class A multifamily development, together with Tokyo Tatemono US Ltd. and BMO Bank, has finalized construction financing for a new landmark. The project named Portico, is a $150 million mixed-use development, positioned as a cornerstone within the much-anticipated Mosaic redevelopment endeavor, once known as City Place Long Beach.

Expected to be completed by 2028, Portico will house a diverse range of 272 multifamily units. With a mix of studios, one-bedroom, two-bedroom, and three-bedroom apartments, inclusivity is a priority as 16 units are reserved as affordable housing options. Poised to redefine the neighborhood, the project includes 18,841 square feet of ground-floor retail, envisioned to be a nexus for community interaction, enhancing the vibrancy and walkability of the locale.

The commitment to community and urban revitalization is evident in the words of Mollie Fadule, Chief Financial and Investment Officer at JPI, who stated, "This project represents a key step forward in reimagining Downtown Long Beach. 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."

Portico is set to stand out with its extensive array of sophisticated amenities, catering to the modern city dweller. The development plans boast an enticing speakeasy, a rooftop deck designed for both leisure and social engagement, a sports simulator for the active and competitive residents, along with the traditional comforts of a sauna, and a pool deck that presents stunning views of the Mosaic shopping hub.

Complementing the residential allure, public art murals will breathe life into the structural design, enhancing the aesthetic of the building's brick facade and contributing to the city's cultural narrative.

Looking at the bigger picture, the Mosaic redevelopment spans across 14 acres and is a collaborative initiative by Turnbridge Equities, Waterford Property Company, and Monument Square Investment Group. It aims to completely transform the heart of Long Beach into a vibrant live-work-play community, by eventually introducing 900 multifamily residences coupled with 38,000 square feet of commercial space.

Such strategic real estate development not only reshapes the cityscape but also stimulates economic growth, innovation, and community well-being. The Portico project is a testament to the myriad ways in which multifamily leaders can bring together housing, commerce, and culture to engender bustling urban ecosystems.