St. Johns County has issued building permits totaling more than $26.5 million for Madison Capital Group’s newest multifamily development, advancing a planned $60 million rental community along State Road 16. The permits were granted to Benco Construction, identified as the builder on the project, marking a key step toward delivering additional apartment inventory in the county.
The development site is located at 875 State Road 16, where construction is expected to span between 20 and 24 months, according to reporting cited from the Jacksonville Business Journal. The timeline indicates that vertical construction and site improvements will unfold over nearly two years as the project moves from permitting into full build-out.
The community, branded as Madison Seagrass, is planned for 234 multifamily units. The project will feature a mix of one-, two- and three-bedroom floor plans, positioning it to serve a range of household sizes and renter preferences within the local market. While detailed unit layouts and square footage figures were not disclosed, the bedroom mix underscores a conventional garden-style or low-rise apartment configuration.
A notable feature of the Madison Seagrass program is its attainable housing component. The developer plans to reserve 40% of the apartment homes for households earning between 80% and 120% of the Area Median Income. This approach is intended to broaden price accessibility for working households while still operating within a market-rate framework, as opposed to deeply subsidized or regulated affordable housing.
The permits issued this week describe a site plan that includes six multifamily residential buildings, along with a dedicated clubhouse and three garages. These program elements indicate a community-style configuration with shared amenities and structured or partially structured parking, though the specific amenity package and parking ratios were not detailed in the available documents.
Madison Seagrass is not Madison Capital Group’s first multifamily presence in the St. Johns County area. The firm previously developed Madison Fountains, a 276-unit apartment community located at 75 Teigan Trail near County Road 210. Madison Fountains opened last year, adding to the regional rental stock and establishing a local operating track record for the sponsor.
Together, Madison Seagrass and Madison Fountains represent a growing portfolio of Madison-branded communities in St. Johns County, with the new project set to contribute both additional market-rate units and a substantial share of homes targeted to households in the 80% to 120% AMI band.
