March 9, 2026
JPI has broken ground on Portico, a 272-unit mixed-use project at 450 The Promenade North in Long Beach. This $150 million development kicks off the Mosaic redevelopment of the old City Place site, set to open in June 2028.
As Long Beach buzzes with downtown growth near The Pike Outlets and Shoreline Village, JPI has broken ground on **Portico**, a 272-unit mixed-use residential development redeveloping the former City Place site at **450 The Promenade North**.
The **$150 million** Portico project, an eight-story building, includes studios (10%), one-bedrooms (49%), two-bedrooms (40%), and three-bedrooms (1%), plus **18,841 square feet** of ground-floor retail for shops and services. It features resident amenities like a rooftop deck, speakeasy lounge, golf simulator, fitness center, sauna, and pool deck overlooking the Mosaic shopping center. Construction started after site clearing, with completion targeted for **June 2028**. Financing comes from Tokyo Tatemono US Ltd. and BMO Bank. Architecture is by AC Martin.
Portico launches Phase I of the **Mosaic** master plan on the 14-acre former City Place Long Beach mall site, led by Turnbridge Equities, Waterford Property Company, and Monument Square Investment Group. The full vision delivers **900 multifamily units** and **38,000 square feet** of commercial space, including 16 affordable units in Portico, transforming the 1990s retail spot into a live-work-play hub. JPI bought the site in 2024 and began demolition that spring. Mayor Rex Richardson spoke at the January 2026 groundbreaking with JPI's Mollie Fadule, who said, "Long Beach continues to grow with new development throughout the downtown core."
This housing-forward project enhances walkability near Broken Spirits, Ammatoli, The Pike Outlets, and Shoreline Village, with nearly 400 parking spaces and 58 bike slots. It aligns with post-pandemic demand for urban coastal living, much like the Long Beach Zoning Board's recent rezoning activity reshaping the city's future. Local small businesses stand to benefit too — similar to how Patchogue's small business revival was fueled by nearby redevelopment and grant opportunities.
Stay ahead on Long Beach real estate — explore more developments like the Town of Islip's $65M One Carleton Green groundbreaking and other major projects on LI Daily.
