JPI Breaks Ground on $150M SoCal Community
Tokyo Tatemono US and MBO Bank provided funding.
JPI has broken ground on the 272-unit Portico, a $150 million development in Long Beach, Calif. Tokyo Tatemono US and BMO Bank provided the construction financing. The project is slated for completion in June 2028.
The developer acquired the 1.6-acre site from Waterford Property Co. in 2024. The mixed-use luxury community is the first stage in the Mosaic shopping center’s remodeling, formerly known as City Place Long Beach.
The redevelopment is led by Turnbridge Equities, Waterford Property Co. and Monument Square Investment Group. Upon completion, the master plan will feature 900 residential units, 54 affordable apartments and 38,000 square feet of commercial space across three buildings.
Another multifamily development scheduled for completion in 2028 in the Los Angeles area is the Aston Residences, a 190-unit luxury project, built by Helio Group.
A mixed-use community near Los Angeles
Taking shape at 450 The Promenade N., and bordering Long Beach Boulevard to the east, Portico will be some 25 miles from downtown Los Angeles. Several dining and retail options are available within walking distance, including El Super and 7-Eleven. The Los Angeles Airport is approximately 21 miles northeast.
The eight-story building will encompass studio, one-, two- and three-bedroom units, as well as 18,841 square feet of ground-floor retail. Shared amenities will comprise a fitness facility, speakeasy, golf simulator and pool deck.
