The former City Place Long Beach shopping center in Downtown Long Beach may become a 14-acre retail and housing village.
New York-based Turnbridge Equities, Newport Beach-based Waterford Property Company and Monument Square Investment Group, based in Beverly Hills, have unveiled plans for 900 new apartments and 30,000 square feet of shops and restaurants at the open-air mall, the Long Beach Business Journal reported.
The trio of real estate investors acquired the beleaguered shopping center in March of last year through the sale of a $63 million loan.
After several false starts, they settled on the name Mosaic for the shopping center between Third and Sixth streets, and between Pine Avenue and Long Beach Boulevard.
The rebrand comes as property owners move to demolish part of the shopping center for a mixed-use development.
Initial plans call for redeveloping two parcels that include a former Walmart and a commercial building that now houses a GameStop, Fashion Island and a T-Mobile store.
The first parcel on the southwest corner of Long Beach Boulevard and East Sixth Street would contain a 269-unit residential development and pedestrian paseo at its north end. The southern portion would feature another 359 units and 19,000 square feet of commercial space.
The second parcel at the southwestern corner of Long Beach Boulevard and East Fifth Street would contain a mixed use apartment building with 272 units and 20,000 square feet of commercial space.
The developers aim to make Mosaic more pedestrian-friendly by closing The Promenade to vehicle traffic between Fourth and Fifth streets and extending the pedestrian-only zone north to Sixth Street.
A paseo would run between the former Walmart property and the parking garage to the west.
Shooshani Developers acquired City Place Long Beach, built in 2005, from its developer, then defaulted on a $63 million loan last year. The new ownership group bought that debt through a bidding process.
Since then, it has worked to secure the property, replace 600 light bulbs and upgrade the roofing, landscaping and heating, ventilation and air conditioning system within the retail complex.
— Dana Bartholomew
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