Third Lake Starts 250-Unit Build-to-Rent Community in St. Augustine

Third Lake Development has broken ground on The Cottages at St. Augustine, a 250-unit build-to-rent community in St. Augustine, Florida. The project sits close to Downtown and offers access to Interstate 95, beaches, museums and historic landmarks.

Robert Hogan, president of build-to-rent at Third Lake, described St. Augustine as one of the most dynamic housing markets in Northeast Florida. CEO Luke Thomas said the company is pursuing high-quality communities in markets with strong demographic trends and long-term growth.

The project team includes CBI Construction as general contractor, Parker Mynchenberg & Associates as civil engineer, Nequette Architecture & Design as architect and Focus Design Interiors as interior designer.

Planned amenities include a resort-style pool with cabanas, a clubhouse with co-working space and private work pods, a fitness center with a yoga room, pickleball courts, a dog park and a pet spa. Each residence will have a private fenced yard.

The article notes that build-to-rent communities appeal to renters who want features of single-family homes, such as yards, garages and neighborhood schools, as mortgage rates and affordability pressures push some households toward renting.

For developers and lenders, the project shows continued institutional interest in single-family rental product in Northeast Florida, where design and amenity packages are central to leasing strategy.