Three partners who last year won approval from the Long Beach City Council to build a 900-unit multifamily development at the former City Place mall have sold a piece of the property to another developer, who also will build apartments.
Texas-based JPI has bought 1.6 acres at the site at 151 East Fifth Street from the development partnership of Turnbridge Equities, Waterford Property and Monument Square Investment Group for an undisclosed price.
Last May, the trio secured approval for a redevelopment of the mall involving the demolition of 200K SF of existing commercial space to make way for Mosaic, a multifamily campus of three eight-story podium-type apartment buildings encompassing 900 units, including 54 units reserved for very-low-income tenants.
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