JPI, in collaboration with Tokyo Tatemono US Ltd. and BMO Bank, has secured construction financing for Portico, a $150 million mixed-use development in Long Beach. Located at 450 The Promenade North, Portico represents the first phase of the larger Mosaic redevelopment project, previously known as City Place Long Beach.
Scheduled for completion in 2028, Portico will offer 272 multifamily residences, including studio, one-, two-, and three-bedroom apartments. Sixteen of the units will be designated as affordable housing. The project will also include nearly 19,000 square feet of ground-floor retail space.
“This project represents a key step forward in reimagining Downtown Long Beach,” said Mollie Fadule, CFO and CIO 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 Mosaic redevelopment spans 14 acres and is being led by Turnbridge Equities, Waterford Property Company, and Monument Square Investment Group. Once complete, the broader redevelopment is expected to include approximately 900 residential units and 38,000 square feet of commercial space.
