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5/09/24
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JPI acquired a 1.58-acre portion of the Mosaic redevelopment site in downtown Long Beach. The parcel, bound by Long Beach Blvd, 4th St, The Promenade North, and 5th St, is entitled for 272 units of Class A luxury for-rent apartments, including 16 affordable units, and 19k sf of ground floor commercial space. JPI plans to brand their development Jefferson Long Beach.
Mosaic is a 14-acre, large-scale open-air retail, residential, creative office development property in the heart of downtown Long Beach, led by a partnership comprised of Waterford Property Company (Waterford) and Turnbridge Equities (Turnbridge), along with Monument Square Investment Group. This parcel is part of the larger entitlement project approved by the Long Beach City Council that will include 900 units of Class A luxury for-rent apartments, including 54 affordable units, and 38k sf of commercial space across three buildings.
The affordable component is the largest number of restricted income units in a new market-rate multifamily project in city history. The joint venture is retaining the portion planned for 628 residential units and the existing 150k sf of retail space.
Along with the sale to JPI, the joint venture announced the addition of several highly anticipated and award- winning restaurants to the downtown project, further emphasizing its work to enliven this central core of Long Beach. Mosaic will soon welcome Broken Spirits Distillery and Restaurant to 300 The Promenade North. This new offering is from the legendary team behind the popular Smoke & Fire Social Eatery restaurants and the award-winning Villains Brewery.
A new concept from the team behind Latin-American inspired Padre and cocktail bar Mezcalero will open across from Broken Spirits at 301 The Promenade North. Both Padre and Mezcalero are downtown Long Beach staples that have earned a strong following.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairman Ken White, Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein and Associate Director Gabe Munson represented the seller partnership comprised of Turnbridge, Waterford and Monument Square Investment Group, in the widely marketed transaction. "This sale underscores the robust demand for quality multifamily developments and the attractiveness of well-located properties in thriving urban environments,” said Benton.
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