Mosaic in Downtown Long Beach Continues Progress with Parcel Sale and New Restaurants Including Broken Spirits Distillery
Long Beach, CA (May 8, 2024) – Momentum continues on the redevelopment of Mosaic in downtown Long Beach with the sale of a 1.58-acre portion of the site to JPI, a leader in the development of class A multifamily communities. The parcel, bound by Long Beach Blvd., 4th Street, The Promenade North, and 5th Street, is entitled for 272 units of class A luxury for-rent apartments, including 16 affordable units, and 19,000 square feet 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), 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 38,000 square feet 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 150,000 square feet of retail space.
“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, Managing Director of West Coast Investments for Turnbridge Equities. “Mosaic is quickly becoming the epicenter for Long Beach. 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.”
"We are excited to embark on this journey with the Long Beach community," said Omar Rawi, Senior Vice President, Western Development at JPI. "Jefferson Long Beach represents our commitment to delivering high-quality apartment homes that meet the evolving needs of residents while enhancing the fabric of the neighborhoods in which we build."
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.
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.
“The evolution of the Mosaic development reflects the cultural diversity of Long Beach. When you look at the collection of restaurants that are bringing their concepts to this project and their success in attracting huge followings, you can feel the community spirit that is being celebrated. I look forward to JPI’s work to add to this development as the housing will bring a welcome energy of residents to the mix,” said John Drachman, co-founder Waterford.
In addition to its new tenants, the Mosaic team has announced that acclaimed Ammatoli recognized for its authentic Levantine cuisine is growing with a new reimagined patio dining experience and an expansion of their indoor dining area. Earlier this year, Ammatoli chef Dima Habibah was named as a James Beard finalist for the best chef in California category.
At the end of 2023, the Mosaic team also added to its retail and restaurants along Pine Ave. with Sake Secret, a one-of-a-kind retail sake shop, and Coffee Station Café.
The new and expanding restaurants are one aspect of important changes taking place at Mosaic as the development team continues to work with many of its existing tenants to improve their locations and accessibility. Moreover, the increased signature events now held at Mosaic increase visitor traffic and bring together the local community.
Some of the popular Mosaic events include the weekly Friday Farmers Market and Thursday Night Market. Mosaic is also the site of the quarterly downtown Long Beach Art Walk, semi-annual Taste of Long Beach, Summer Disco Roller Party, and Long Beach Taco & Tequila Festival. Art is another valued amenity at Mosaic as the location for Dreamkreator Studio and Loiter Art Gallery, along with the annual Long Beach Walls Art Festival, and more than 10 large murals located throughout the property.
To learn more, visit www.mosaicdtlb.com.
Turnbridge Equities, founded in 2015 by Andrew Joblon, is a privately-held, vertically integrated real estate investment and development firm with offices in New York, Los Angeles, Washington DC, Miami, and Austin. Turnbridge is an SEC registered investment advisor, Turnbridge RE Fund Management Company I LLC, with assets under management in excess of $1.7 billion. Turnbridge’s full-service platform and extensive relationships enable the company to acquire, develop, reposition, and operate real estate and generate value for its investors and partners. Turnbridge and its principals seek to bring high levels of creativity and thought leadership to drive the results of each of its investments. With a track record of implementing successful investment strategies, Turnbridge has capitalized on emerging trends and monetized value in advance of market shifts. Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.
Waterford Property Company is a diversified real estate investment and development company with an established track record in the acquisition and development of over $1 billion in multifamily and commercial properties. Its expertise includes entitling large mixed-use projects throughout Southern California as well as the development of a variety of affordable housing projects. It is led by its co-Founders John Drachman and Sean Rawson. For more information, visit https://www.waterfordco.com/
Monument Square Investment Group (MSIG) is a Beverly Hills, CA-based privately held alternative investment manager focused on making direct opportunistic U.S. real estate investments in joint ventures with seasoned institutional sponsors. Members of MSIG’s investment team have executed and managed 80+ direct U.S. real estate equity joint ventures with a total value exceeding $5.5billion, comprised of approximately 15,000 residential units and 9.1 million square feet of commercial space. MSIG is led by Managing Partner Ben Poirier, along with Partner/CFO Paul Valente, and Partner Tyler Steindorf.
JPI is a leading development and construction company with a mission to transform building, enhance communities, and improve lives. With a commitment to excellence and innovation, JPI delivers Class A multifamily housing that exceeds expectations and fosters vibrant neighborhoods. By focusing on sustainable development and strategic partnerships, JPI continues to shape the future of community living while positively impacting communities nationwide. For more information about JPI and its portfolio of projects, please visit JPI.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.