Developers have broken ground on a $150 million, 272-unit apartment complex in downtown Long Beach.
Located at 450 Promenade North, the eight-story building will be the first of several projects built on the grounds of the former City Place shopping center. JPI, a Dallas-based investment group leading the project, said it plans to eventually build 900 apartments (16 affordable units) and 50 storefronts there in a three-phase plan.
JPI bought the property in 2024, and demolition commenced that spring.
The project, formerly called the Jefferson Long Beach, is now dubbed Portico and is expected to finish by June 2028.
It will include 18,800 square feet of ground-floor retail under the apartments. No businesses have yet signed onto the retail space, though developers hope it will accentuate existing nearby businesses like Broken Spirits, Ammatoli, the Pike Outlets and Shoreline Village.
Upstairs, there will be 30 studios, 129 one-bedroom, 110 two-bedroom, and 3 three-bedroom apartments. Units will be 600 to 1,100 square feet.
A bar lounge, gym, sauna, golf simulator and pool overlooking the street will be available as amenities to residents.
According to designs approved in 2023, nearly 400 parking spaces and 58 slots for bicycles will be placed on the first three levels of the building. The courtyard, pool and spa area were planned for level four while the eighth floor is supposed to have a rooftop deck.
While this is the first project it has undertaken in Long Beach, JPI has developments underway in Monrovia, Inglewood and near Carson.
“It’s exciting to see this vibrant mixed-use project take shape,” said Mollie Fadule, chief financial and investment officer at JPI. “Long Beach continues to grow with new development throughout the downtown core, and we’re proud to be a part of that momentum.”
For more information about the project, visit here.