Waterford, Turnbridge gain entitlements for 900 units in Long Beach
For redevelopment, venture bought 14-acre shuttered shopping center in 2021
Waterford Property Company, Turnbridge Equities and Monument Square Investment have scored approvals from the City of Long Beach to redevelop a shuttered mall into 900 apartments.
The City Council unanimously approved the developers’ plan to build apartments and 38,000 square feet of retail across the 14-acre former City Place Long Beach at a meeting on Tuesday night. Across three buildings, 54 units — 6 percent of the development — will be required to be affordable.
Waterford and Turnbridge are leading the development of the project, while Monument Square, based in Beverly Hills, is an equity partner in the deal.
The firms acquired the shopping center in March 2021, buying a $63 million loan in default from Shooshani Developers, which bought the property in 2005. Shooshani defaulted on the loan after the start of the pandemic, when stores shuttered across L.A. County.
The venture is working to secure building permits and aims to start construction by the first quarter of next year, according to Waterford co-founder, Sean Rawson.
In 2012, the City of Long Beach rezoned a large portion of its downtown, allowing for more multifamily development.
The mall, located at 151 East 5th Street, was one of the affected properties, meaning the developers did not have to apply to rezone the site for a residential or mixed-use development.
Turnbridge is an investment firm that “capitalizes on emerging trends and monetizes value in advance of market shifts,” according to its website. Its portfolio includes properties in New Jersey, New York, North Carolina and California.