With the land bought and financing in place, Atlanta developer Shelton McNally Real Estate Partners LLC is preparing to build the 300-unit Novo Kendall Town apartments in the Regency area.
GL National Inc. and Shaner Select Services Hotels VIII LLC sold almost 16.7 acres east of Southside Connector along Kendall Town Boulevard.
Novo Jacksonville Owner LLC paid $4.5 million for the vacant land Dec. 10, financed with a $28.6 million mortgage from Synovus Bank in Columbus, Georgia.
The mortgage was made to Shelton McNally. The deeds are in the address of Pacific Coast Capital Partners of Los Angeles.
Novo paid $3.5 million for about 13 acres from GL National Inc., affiliated with Gate Petroleum Co.
It paid $976,500 for about 3.6 acres from Shaner Select Services.
Walker & Dunlop brokers Brian Moulder, Dhaval Patel and Bobby Gatling represented the seller, Gate, in the transaction.
The city is reviewing permit applications for the project at 1290 Kendall Town Blvd. Summit Contracting Group Inc. is the contractor. Group 4 Design is the architect.
The parcels are between the Southside Connector and Interstate 295, north of Monument Road. The site is north of Regency Square Mall.
The developer filed civil engineering plans with the city Sept. 29. Plans show 10 apartment buildings, eight garages and a clubhouse and pool.
Shelton McNally’s website shows five projects, three of them branded as Novo. They comprise three in Georgia and one each in Tennessee and South Carolina.
The company is led by principals Jim Shelton and Conor McNally, who founded the company in 2017. It says it buys and builds projects in the multifamily, student housing, office and mixed-use markets in the Southeast and Midwest.