Tom Monaghan Enthused About Developments at AMU, Town
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Published on Thursday, 24 January 2013 15:41
Ave Maria University founder Tom Monaghan was upbeat about the prospects for the school and the town of Ave Maria when he spoke to a fundraising event at AMU Wednesday.
"It is amazing what Jim Towey has done," Mr. Monaghan said, just after Mr. Towey, the president of AMU, had told more than 200 people attending the spring luncheon and style show about the progress the school is making.
"We have 200 more students on campus than we did at this time last year," Mr. Towey said, "and the number of applications is up by about 350 from what it was a year ago."
Mr. Monaghan expressed gratitude for the improving outlook at Ave Maria under Mr. Towey, who took over the reins of Ave Maria from Mr. Monaghan in the spring of 2011. Since then, Mr. Monaghan's presence at the university and in the town has diminished significantly.
He also said that it was encouraging to see a number of signs that economic activity is picking up in the town of Ave Maria, in which Mr. Monaghan is a 50-percent partner along with the Barron Collier Cos. Home sales are accelerating, there are new businesses in town and two new homebuilders – Lennar and CC Devco – have plans for hundreds of new homes.
"I thought I had a great deal – a 50-percent interest in the town," Mr. Monaghan said. "But it has cost $5-$6 million a year."
Mr. Monaghan initially invested an undisclosed sum – reported to be more than $100 million – for his interest in the town, expecting that by 2010 home sales and other revenue would be generating income for the university. Instead, due to the downturn in the real estate market, he was required to invest even more.
"My ideas are good if I have enough time and money," he said.
The style show featured fashion and merchandise from Ave Maria merchants, including jewelry from Beckner Jewelry and Repair (right).
