Maple Ridge: A Turning Point for Ave Maria?
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Published on Tuesday, 26 March 2013 18:46
Will the new Maple Ridge development in Ave Maria provide the spark that could ignite the type of rapid growth originally envisioned for the town?
"Hopefully, this is the next step that increases the rate of growth in Ave Maria," said Paul Roney, one of Tom Monaghan's main financial lieutenants who has been involved in Ave Maria since the development first went on the drawing board. "It lets Pulte focus on Del Webb," he said, adding that, "It brings in a builder that really wants to focus on Ave Maria."
That developer, CC Devco, is making the largest outside investment in Ave Maria since the initial phase of construction that ended in 2007. The homebuilder is buying a half interest in 618 acres stretching from south of the town center to Camp Keais Rd. on which 1,500 homes will be built, effectively turning the development into a joint venture with Barron Collier, which owns the other 50 percent. Of the land being sold, the half interest in 400 acres is owned by the Ave Maria Land Trust, whose revenues flow to AMU, and the other 218 acres by Mr. Monaghan's personal interests.
Barron Collier and Mr. Monaghan remain 50/50 partners in Ave Maria Development, Mr. Roney said.
Mr. Monaghan's investment was initially seen as a way of providing a large and growing endowment for the university, but he has said publicly that the venture has cost him much more than he anticipated in annual costs because of the stalled growth in the real estate market that began shortly after the town of Ave Maria opened in 2007.
The land sale, when it closes later this year, will provide both cash as well as a reduction in carrying costs for Mr. Monaghan. The amount of money involved has not been disclosed.
But beyond any income, both Mr. Roney and Ave Maria University President Jim Towey see the major benefit from the sale as a resurgent interest in residential development at Ave Maria.
"We are thrilled that this sale – and the approximately 400 acres which the university is making available for this transaction – will bring additional families to the Ave Maria community," Mr. Towey said. "Right now, what is good for the town and its growth is good for Ave Maria University."
CC Devco is one of Florida's most accomplished homebuilders and built the second fastest-growing community in Florida, Monterra in Broward County.
In Ave Maria, the company will offer nine styles of single-family homes ranging in price from $195,000 to $309,000. A temporary sales office has been established in the Ave Maria welcome center in the town center while work is being done on a more permanent sales center across from Publix, where a model park will be constructed. The first phase of the 1,500-home development consists of about 150 houses south of the town center and east of Hampton Village. The site plan is below.
CC Devco joins Lennar Homes, which has built about 20 houses recently in the Emerson Park neighborhood, and Pulte as the residential real estate development companies operating in town.
More information on Maple Ridge can be found by clicking here.
More background on CC Devco can be found here.
The Ave Herald story on the initial announcement of the Maple Ridge development in January is here.
The site plan is below. Ave Maria Blvd. is to the left, with Avila Avenue at the top. It shows Milano St. being extended from Hampton Village around to Publix and Roma St. extending from the town center to Milano St. A PDF version of the sitemap can be downloaded here.
