ST. AUGUSTINE, Fla. – Madison Capital Group and Madison Communities broke ground on Wednesday for Madison Seagrass, a 232-unit multifamily community planned off State Road 16 in St. Augustine, a project the developers say will include affordable housing set aside under Florida’s Live Local Act.
The groundbreaking happened on Wednesday at 875 FL-16 at the intersection of State Road 16 and Kenton Mountain Road, near the Florida Highway Patrol substation.
Madison Seagrass is being promoted as part of the company’s growing development pipeline in high-growth Florida markets. The developers said the project will provide apartments serving the St. Augustine area and the broader Northeast Florida region.
About 40% of the units are designated in accordance with the Live Local Act guidelines, which Florida leaders have touted as a way to encourage more affordable housing through tax incentives and development-friendly policies.
Madison said the St. Augustine project fits its broader strategy targeting markets with ongoing population growth, in-migration, and expanding employment corridors.