A Charlotte-based developer has broken ground on Madison Seagrass, a 234-unit apartment development in St. Augustine.
The project is located at 875 FL-16 at State Road 16 and Kenton Morrison Road, near a Florida Highway Patrol substation and a Publix.
Roughly 40% of the units will be set aside under Florida’s Live Local Act, aimed at expanding workforce and housing options.
“Madison Seagrass reflects a thoughtful application of Florida’s Live Local Act, allowing us to deliver a well-located, high-quality community while incorporating a meaningful workforce housing component,” said Matt Wilcox, executive managing director in a statement.
Florida’s Live Local Act is a law designed to encourage developers to build “affordable” workforce housing through tax breaks, funding, and zoning overrides.
It requires local governments to allow higher-density residential projects—even in commercial or industrial areas—if a portion of units is kept affordable, speeding up development.
Benco Construction will serve as the general contractor and oversee the project’s completion.
Last week’s groundbreaking included company executives and local stakeholders as the hammers began to fall.
Madison Seagrass is part of the firm’s ongoing expansion across the Southeast, especially in growing Florida markets.
Madison Capital Group is headquartered in Charlotte and is run as a privately held real estate investment firm.
The company focuses on apartment complexes, self-storage, and specialized commercial real estate, officials said.
