An architect’s rendering of the Jefferson Pacific Beach project.

A major national developer plans a $104 million luxury apartment and retail center on the site of a long-vacant Cadillac dealership on Mission Bay.

Texas-based JPI announced Wednesday it has closed financing for Jefferson Pacific Beach and will break ground later this month on Mission Bay Drive near De Anza Park.

“JPI’s Western Region is in San Diego, so it goes without saying that this project has special meaning to our team,” said Todd Bowden, senior vice president and managing development partner. “It brings us great pride to be a part of the city’s efforts to revitalize this area of our community.”

The project will have 172 apartments with views of Mission Bay and 14,000 square feet of ground-floor retail and office space on a three-acre site formerly occupied by Guy Hill Cadillac.

As part of the project, the developer has committed to upgrade traffic signals in the area to relieve congestion on Mission Bay Drive.

San Diego City Councilmember Lorie Zapf said the project “will be the catalyst for great improvements to the Mission Bay corridor,” including much needed new housing.

JPI’s Western Region has developed communities throughout the southwestern United States with over 9,400 units.

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