Madison Capital Group and its Madison Communities affiliate have officially broken ground on Madison Seagrass, a new apartment community planned along State Road 16 in St. Augustine, with developers leaning on Florida’s Live Local Act to reserve a large chunk of units as attainable housing.
The ceremonial groundbreaking was set for 11 a.m. on March 25 at 875 FL-16, at the intersection of State Road 16 and Kenton Morrison Road, with local coverage describing the project as a 278-unit community. As reported by News4JAX, company executives, local officials and project partners were expected to be on hand for the event.
Earlier paperwork tells a slightly different story about what is rising on the site. A Dec. 5, 2025 notice to proceed from Benco Construction described Madison Seagrass as a 234-unit, garden-style community built across six three-story residential buildings, three garage structures and a modern clubhouse. The contractor said mobilization and early site work would begin immediately on a roughly 20-month schedule, suggesting the development plan may have evolved since those earlier filings.
Financing, Design and Schedule
Madison Capital has previously laid out the financial and strategic underpinnings for Madison Seagrass, positioning the project as part of a broader Florida expansion. In a company release, Madison Capital Group said a construction loan for the community had closed, describing the roughly 19-acre site as sitting adjacent to St. Johns River State College, with Live Local status applied to a portion of the apartments.
That financing supports a build that has been pegged to roughly a 20-month construction window in contractor documents. Benco’s notice pointed to immediate mobilization and early site work under that timetable, while developers have said they expect Madison Seagrass to move through construction over the next 18 to 24 months.
What the Live Local Act Means Here
Florida’s Live Local Act, the law developers are using for Madison Seagrass, generally requires qualifying projects to hold at least 40% of units as attainable housing for an extended period. In return, the statute offers property tax exemptions and streamlined approvals that are meant to speed projects through the pipeline. As outlined by Florida TaxWatch, the law has helped accelerate some developments, even as debate continues over how local governments implement it, how financing pencils out and how benefits ultimately reach renters.
Developers say Madison Seagrass will expand rental options for workers and students in northeast Florida, particularly given the site’s proximity to St. Johns River State College. Benco’s notice underscored that crews would be moving dirt right away under a roughly 20-month schedule, while local coverage noted that company leaders and government officials would be on site to mark the official start of construction. As News4JAX reported, the ceremony brought together company executives, local officials and project partners to kick off the development.
