JPI Secures Financing for $150M Portico Project as Cornerstone of Long Beach Urban Renewal
JPI, renowned for its leadership in Class A multifamily development, has successfully secured construction financing for its latest venture, Portico, setting a new precedent for community-oriented mixed-use projects. Alongside Tokyo Tatemono US Ltd. and BMO Bank, JPI unveils its collaboration on this $150 million project that stands tall as a beacon of urban regeneration in Downtown Long Beach, California.
As part of the eagerly awaited Mosaic redevelopment sphere, formerly known as City Place Long Beach, Portico emerges as the initial stride in a transformative journey. The location at 450 The Promenade North is poised to serve as a vibrant pulse in the city, with Portico’s delivery targeted for 2028. It will incorporate a diverse array of 272 multifamily units, ranging from studios to three-bedroom apartments, inclusive of 16 affordable housing units. These living spaces aim to cater to a breadth of residents, paving the way for an inclusive community.
The groundwork of Portico is designed to elevate the cityscape, blending in an impressive 18,841 square feet of retail space on the ground floor. This component of the development promises to invigorate the pedestrian experience, amplifying both walkability and the cultural fabric of the area.
Mollie Fadule, Chief Financial and Investment Officer at JPI, articulates the vision behind Portico. “This project represents a key step forward in reimagining Downtown Long Beach,” she stated. “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.”
Prospective residents can look forward to an inclusive lifestyle, as Portico will provide an array of amenities, including a unique speakeasy, rooftop deck, sports simulator, sauna, and a pool deck that offers views of the Mosaic shopping center. The addition of public art murals will enliven the building’s brick facade, contributing to the visual and cultural allure of the neighborhood.
JPI, together with Turnbridge Equities, Waterford Property Company, and Monument Square Investment Group, is laying down the groundwork for the Mosaic redevelopment at large. Spanning 14 acres, the ambitious plan includes the creation of 900 multifamily residences and 38,000 square feet of commercial space, reshaping Long Beach’s core into a vibrant and dynamic live-work-play community. This multiphase endeavor exemplifies a commitment to innovation, sustainable community-development, and a forward-thinking approach to modern urban living.