Madison Capital Group Breaks Ground on 234-Unit Madison Seagrass Multifamily Development in St. Augustine

ST. AUGUSTINE, Fla. — Madison Capital Group and its development affiliate Madison Communities have broken ground on Madison Seagrass, a 234-unit multifamily real estate development in St. Augustine, Florida, the firm announced March 27, 2026. The project marks continued expansion of the Charlotte, North Carolina-based firm's real estate development pipeline across Florida.

Located at 875 FL-16, at the intersection of State Road 16 and Kenton Mountain Road, the site sits adjacent to a Florida Highway Patrol substation and offers access to regional corridors including A1A and Interstate 95, connecting residents throughout Northeast Florida.

Groundbreaking Details and Project Partners

The groundbreaking brought together members of Madison Capital Group and Madison Communities, along with project partners and local stakeholders, to mark the start of construction. Benco Construction, the in-house general contracting affiliate of Madison Capital Group, is serving as the project's general contractor.

Madison Seagrass represents the first implementation of Madison Communities' construction prototype, which was designed to increase construction speed while reducing costs and improving design efficiency, according to the firm.

"Madison Seagrass marks the first implementation of Madison Communities' prototype, which was designed to increase speed of construction while also reducing cost and bringing efficiency to the design," said Joshua Zilke, president of Benco Construction. "As the general contractor, our team is focused on executing that vision in the field while delivering a high-quality product aligned with the broader portfolio."

Live Local Act and Workforce Housing Component

Approximately 40% of Madison Seagrass's units are designated in accordance with Florida's Live Local Act guidelines, supporting the expansion of attainable housing in the St. Augustine market.

"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. "By leveraging the program's incentives, we're aligning public policy objectives with disciplined development to deliver a project that is both economically viable and responsive to the region's growing housing needs."

St. Augustine and the broader Northeast Florida region have seen sustained population growth and in-migration from higher-cost states, trends the firm cited as supporting long-term housing demand in the market.

Vertically Integrated Platform and Southeast Strategy

Madison Seagrass is being developed through Madison Capital Group's vertically integrated platform, which spans development, construction, and operations. The firm described the project as reflecting its "disciplined approach to capital deployment" with a focus on long-term performance across market cycles.

"Madison Seagrass is a strong example of how our vertically integrated platform executes across development, construction and operations," said Christine Russo, chief operating officer of Madison Capital Group. "From site selection through delivery, our teams remain focused on discipline, efficiency and long-term portfolio performance."

The development adds to Madison Communities' growing multifamily portfolio and represents the next phase of development within Madison's expanding multifamily platform across the Southeast.

About Madison Capital Group

Headquartered in Charlotte, North Carolina, Madison Capital Group Holdings is a privately held real estate investment and development firm. The company is the parent of Go Store It Self-Storage and Madison Communities, a vertically integrated firm specializing in the development of suburban garden-style apartment communities across the Southeast. Additional affiliates include Madison Commercial, which focuses on select retail and commercial real estate opportunities; Benco Construction, the in-house general contracting firm; and Madison Capital Markets, the investment management division.