Tony Shooshani has had one helluva ride over the course of the last two years: From successfully rebranding and revamping one third of the City Place complex with hopes to rehaul the entire space, the pandemic proved particularly rough.
The shopping complex, formerly dubbed The Streets under Shooshani’s rebranding, transferred owners mid-pandemic after Shooshani defaulted the complex’s $63M loan.
However, Shooshani’s investment and interest in DTLB hasn’t been entirely eradicated: Construction is nearing completion on the four-story, 20-unit luxury residential complex that is still owned by Shooshani.
Yes, we [ETC Real Estate] are still the owners with plans to continue to invest in Downtown Long Beach,” Shooshani said.
Originally dubbed “The Place,” 5Nº is set to take over the tiny parking lot across from the now-shuttered Walmart along 5th Street in DTLB.While the top three floors are set to be four one-bedroom, 15 two-bedroom, and one three-bedroom unit, the bottom floor is to feature 5,000 square feet of retail space. Shooshani had announced in 2019 that a single, 24-hour dining spot would take over the entirety of the space. However, plans have changed.
“[The [pandemic] stopped the 24-hour diner deal, unfortunately,” Shooshani said. “So as of now, there are no specific tenants to announce. However, we should be should be ready for occupancy mid-November for the apartments, with hopes to announce retail tenants in the near future.”
The project will have no affordable units as it is exempt from the city’s inclusionary ordinance passed in 2020; all units will be market rate.
