Charlotte, North Carolina-based Madison Capital Group, through its subsidiary Madison Communities, broke ground March 25 on a multifamily community in St. Augustine developed in accordance with Florida’s Live Local Act.
The project, Madison Seagrass, is planned at 875 Florida 16 near Kenton Morrison Road and is expected to include 278 apartments.
Charlotte, North Carolina-based Benton Construction is the contractor. The company website shows plans for six three-story residential buildings, three parking structures, a clubhouse and other amenities.
According to the developer, about 40% of the units would be designated under Florida’s Live Local Act, which supports multifamily housing projects on land zoned commercial, industrial or mixed-use. The law, enacted in 2023 and refined a year later, provides land use exceptions, financial incentives and tax benefits to developers who agree to restrict 40% of total units to tenants whose income is at or below 120% of the area median income. The area median income for St. Johns County was $102,500 in 2025, according to the Florida Housing Finance Corp., and 120% of that amount equates to $123,000.
No information was available regarding rental rates or unit sizes for Madison Seagrass.
The development falls within Madison Capital’s broader approach of targeting high-growth markets with sustained population increases and high housing demand, company officials said in a news release.
Madison operates communities in Florida, Alabama, Georgia, North Carolina, South Carolina, Tennessee and Virginia, according to the company’s website.
In St. Johns County, Madison completed a residential project at The Fountains at St. Johns, a mixed-use development at northeast County Road 210 West and Interstate 95. That complex, called Madison Fountains, is marketed as luxury living.