St. Johns County issued permits June 9 for Summit Contracting Group to build the Silverleaf Apartments in St. Augustine at a construction cost of $47.7 million.
The 400-unit complex, at 115 Aspire Ave. off County Road 16A, comprises seven four-story buildings.
Summit also will build a 2,450-square-foot clubhouse, a pool pavilion and a maintenance building.
The project is being built on 80.9 acres.
SJP LLC of Jacksonville bought the property in July 2003 from Wachovia Bank and the estate of H.E. Wolfe for $11.5 million.
In January 2013, SJP LLC merged with Whites Ford Timber LLC, which currently owns the property. It is affiliated with Hutson Companies of St. Augustine.