Charlotte developer breaks ground on garden-style apartments in Ruskin
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 13, 2023

A Charlotte, North Carolina-based real estate developer says construction has begun on a garden-style apartment community in Ruskin.

Madison Communities, which is part of Madison Capital Group, says work is underway on the 317-unit Madison Palms, a complex at 210 Teco Road. The 21.82-acre site is west of Interstate 75 and north of East College Avenue.

Ameris Bank provided a $47.08 million loan for the project in early April, according to a mortgage filed in Hillsborough County on Tuesday. Madison paid $5.7 million for the site in 2021, property records show.

As demand for housing reaches all-time highs in the Tampa Bay region, rents and home prices have soared. Some developers are betting on garden-style apartments — lower density and less expensive to build than their urban counterparts — to meet the demand for attainable housing.

Floor plans at Madison Palms will range from 719 to 1,403 square feet.

“We’re excited to bring our vision for garden-style apartment communities planned with thoughtful amenities and luxury design to the Tampa market,” Ryan Hanks, CEO of Madison Capital Group, said in a statement. “Madison Palms will be carefully woven into the fabric of the Ruskin community to ensure that its residents will have everything they need to thrive in their new homes.”