Developer secures financing for apartments at Oglethorpe Mall, Sears site

The project’s Charlotte, NC-based developer recently secured $35.5 million in financing for the planned multifamily development being constructed on the west end of Oglethorpe Mall, where a closed Sears and parking lot are currently located.

Madison Capital Group affiliate, Madison Communities, now anticipates the 240-unit “upscale” apartment development will be completed in late 2025, according to a press release issued last week.

“Getting financing in this environment is a testament to the dedication and expertise of our team,” Madison Communities' CEO Ryan Hanks said in a statement. “We have a great location in a strong market, where the demand for coastal living combined with robust employment growth has created a high demand for contemporary luxury residences. We are thrilled to be out of the ground and on our way to delivering an exceptional community in coastal Georgia.”

The Savannah City Council approved the developer’s petition to rezone the property from commercial to multi-family residential in February 2022.

The proposed complex is comprised of five 48-unit buildings, two of which are to be built where the Sears store currently stands vacant after closing in 2018. The developer is also planning to develop the commercial out-parcels that surround the planned apartments.

MCG purchased the property for $9 million in 2021 and submitted the rezoning petition for the project that November.

Last April, Madison Capital Group Executive Managing Director Ross Rabun said the mall is happy to have the foot traffic and the apartment's residents will have the convenience of being able to shop right outside their door.

“It works for everyone,” Rabun said.