man, does this Haywood Whichard guy seem like a jerk or what?!
http://www.montgomeryadvertiser.com/apps...EWS/807150338&referrer=FRONTPAGECAROUSEL
July 15, 2008
Land speculator has no plan to develop Montgomery Mall site
By Cosby Woodruff
[email protected]
The owner of Montgomery Mall said he bought it for the land value and has no immediate plans to renovate the property as a mall.
Haywood Whichard, who owns Whichard Real Estate of Raleigh, N.C., said he is willing to sit on the property for a decade to make the profit he believes he can make on an eventual land sale. Already, he said the land is worth almost twice the $4.4 million he paid for the mall last year.
Whichard, who purchased the mall through Venture 1 of Dothan, didn't rule out Montgomery Mall returning as a mall. He said he would welcome new tenants if they came in bunches, but he isn't willing to recruit small tenants one at a time.
"If we could rent out enough stores to make it profitable, I would be happy to open it back up," said Whichard, during an exclusive interview with the Montgomery Advertiser. "We want to do what makes money."
But bringing the mall back isn't a priority, he said. Whichard said doing nothing -- other than listing it with brokers -- is a very real possibility.
Whichard described himself in terms of a land speculator, saying he is not a mall operator and certainly not a developer.
Asked about the steady stream of tenants leaving the mall, he was dispassionate.
"We weren't making enough on rent to pay our expenses, so how do you expect me to feel about them?" he said. "If all of the tenants are gone, that doesn't bother us."
Steve & Barry's University Sportswear -- now the mall's lone anchor tenant -- recently declared bankruptcy and announced it will determine the fate of individual stores later in the bankruptcy process.
Asked about the possibility of the store leaving, Whichard said, "I don't care if they do."
His words brought an anguished response from Montgomery City Hall.
Jeff Downes, executive assistant to Mayor Bobby Bright, said an empty Montgomery Mall would be of no benefit to the city.
"That would be very discouraging," he said when told of Whichard's promise to sit on the property for a decade if that's what it took to get the right deal.
Downes said unless the mall fell into disrepair and became more than just an eyesore, the city is powerless to force Whichard to develop it.
"There is very little we can do," he said. "It is private property, and as long as there are no code violations, we can't make him do anything with it."
But the mall owners could be in trouble if they remain in violation of another regulation -- the one that requires them to pay property taxes.
Whichard's group didn't pay its property taxes last year, and Montgomery businessman Richard E. Hanan paid about $25,000 to purchase the tax lien in May.
Angela Whichard, who is married to Haywood Whichard, paid the taxes on part of the mall, but left most of the taxes in arrears.
Hayword Whichard said he and other investors will redeem the tax lien against the property at their convenience. He said they simply decided not to pay the taxes when they were due.
If Whichard doesn't redeem the property, by paying the back taxes plus 12 percent annual interest, within two years, Hanan will own the property.
But Whichard said there is no chance of that happening.
"Of course we are going to redeem it," he said. "You don't think we are going to let it go for that little bit of money."
He dismissed Hanan, saying he wasn't a serious buyer for the mall.
"Why should I return his calls, he can't buy this," Whichard said.
Attempts to reach Hanan on Monday were unsuccessful.
Downes said Montgomery officials will try to create incentives for others to buy and redevelop the mall, but Whichard said there is little chance of that happening.
Whichard said he didn't consider any local bidder to be a serious contender to purchase the mall.
"We won't sell it to anybody in Montgomery," he said. He clarified that by saying they would sell it to anyone with money to buy it, but he said he didn't think he would find anyone locally to fit that bill.
He also dismissed comments that an empty mall has no value. He said the Boulevard and Troy Highway bring thousands of cars past the property each day, and that alone gives it value.
"You just don't find that big of a piece of property in that kind of high-traffic spot," he said. "It may take a while, but we will find a buyer.
"Those pockets, they always come back. We don't care whether we open it or not."
Whichard didn't sound like he was overly concerned with the mall's condition.
He said the building suffered wind damage in May and that he is negotiating a settlement with his insurance company.
Whichard was non-committal when asked if that settlement would be used to repair the mall.
"We will make that decision when the time comes," he said.
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