Franklin-based Southern Land Company and NXT Capital, a commercial finance company based in Chicago, will break ground Aug. 22 on a mixed-use community to be located in the historic downtown core of Plano, Texas, company officials announced today.

The $30 million project is a public-private partnership between Southern Land, NXT and the City of Plano. The development, to be called 15th and I, will feature 279 residential units and 9,000 square feet of retail space, including an urban 7-Eleven store. To join Southern Land’s three other developments in the Dallas area, it is scheduled for completion in spring of 2014.

Locally, Southern Land currently is working on Elliston 23, a mixed-use building located one block north of the Vanderbilt University campus.