Madison Capital Group, Madison Communities break ground on Madison Seagrass
March 27, 2026
St. Augustine, Fla. (March 27, 2026) — Madison Capital Group and Madison Communities have broken ground on Madison Seagrass, a 234-unit multifamily development in St. Augustine, marking continued expansion of the firm’s development pipeline across Florida.
Located at the intersection of State Road 16 and Kenton Mountain Road (875 FL-16), the site is adjacent to a Florida Highway Patrol substation and offers access to key regional corridors, including A1A and Interstate 95, connecting residents throughout Northeast Florida.
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.
Madison Seagrass reflects the firm’s vertically integrated platform and disciplined approach to capital deployment, with a focus on long-term performance across market cycles. The development adds to Madison Communities’ growing portfolio and reinforces the firm’s strategy of targeting high-barrier-to-entry markets supported by durable demographic and economic fundamentals.
“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.”
Approximately 40% of the community’s units are designated in accordance with Florida’s Live Local Act guidelines, supporting the expansion of attainable housing while maintaining the asset’s overall financial profile.
“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.”
St. Augustine and the broader Northeast Florida region continue to benefit from sustained population growth, in-migration from higher-cost states and expanding employment corridors, supporting long-term housing demand.
“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.”
Madison Seagrass 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 focused on the self-storage, multifamily, and alternative storage sectors. The company is the parent of Go Store It Self-Storage, one of the fastest-growing privately operated storage platforms in the U.S., and Madison Communities, a vertically integrated firm specializing in the development of high-quality, 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 supporting vertical development; and Madison Capital Markets, the investment management division offering direct real estate investments and tax-advantaged solutions. For more information, visit www.madisoncapgroup.com