Portion of Long Beach Plaza Mall Redevelopment Trades Hands
By Nick Trombola May 9, 2024 4:53 pm
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A piece of the redevelopment of the defunct Long Beach Plaza Mall in Long Beach, Calif., has traded hands, and its new owner will complete the entitled project.
Dallas-based JPI purchased a 1.6-acre section of the property, enclosed by Long Beach Boulevard, Fourth Street, Fifth Street and The Promenade North, for an undisclosed price, according to Urbanize, which first reported the news. A joint venture between Turnbridge Equities, Waterford Property Company and Monument Square Investment Group will retain and develop the rest of the roughly 14-acre site.
Newmark (NMRK)’s Kevin Shannon, Ken White, Chris Benton, Anthony Muhlstein and Gabe Munson represented the joint venture in the sale.
“This sale underscores the robust demand for quality multifamily developments and the attractiveness of well-located properties in thriving urban environments,” said Benton in a statement.
The JV obtained approval from the City of Long Beach last year to remake the former mall into a mixed-use complex dubbed Mosaic. JPI will follow that plan with its newly acquired portion: 272 apartments, with 16 dedicated affordable units, and 19,000 square feet of ground-floor commercial space, and it will be rebranded as Jefferson Long Beach. Construction there is set to begin later this year.
“It’s an important milestone having JPI, a nationally recognized developer, move forward with the first phase at Mosaic bringing a much-needed new supply of residential units to downtown Long Beach,” said Michael Gazzano, Turnbridge’s managing director of west coast investments, in a statement. “With the completion of this parcel sale, our team’s immediate focus remains on elevating the mix of retail and restaurant options creating a true food destination for the city.”
The JV, for its part, will develop the remaining 628 units and 150,000 square feet of additional retail space designed by MVE + Partners. The developers also announced new tenants for that commercial space, such as Broken Spirits Distillery and Restaurant. Sake Secret and Coffee Station Cafe signed for space at the end of 2023.
News of the redevelopment comes hot on the heels of a seperate $200 million construction financing deal for a 600-unit multifamily project in Downtown Long Beach in late March. That project, developed by Trammell Crow Residential and managed by R&V Management, will feature four buildings on 5.6 acres of land adjacent to Long Beach’s Hilton Hotel and One World Trade Center.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
