P
inelux Associates, a locally based investor led by Christopher Mata, plans to transform the historic First National Bank Building in Downtown Long Beach into 70 apartments. The six-story, 64,000-square-foot French Renaissance Revival landmark at 115 Pine Avenue has been a prominent feature of the city's skyline since its construction in 1906. As part of the conversion, 11 units will be set aside for low-income households and a 3,600-square-foot rooftop deck will be installed.

    The building was purchased by Pinelux at auction in 2014 for $10.9 million and has been home to L'Opera Ristorante on its ground floor since the 1980s. The property is listed as a City of Long Beach historic landmark and is included in the National Register of Historic Places.

    The adaptive reuse project, located near the LA County Metro's A-line terminus, may signal a shift towards converting commercial spaces into residential units in Downtown Long Beach, which has faced rising vacancy rates following the pandemic. Pinelux Associates was founded in 2014 by Matthew Luxenberg and is now based in Long Beach under Mata's leadership.