Cullman motorists traveling on State Highway 157 could see the construction of a large shopping center in the near future.
“The property is zoned for commercial,” said Thom Hickman of New Horizon Retail Development. “We’re looking at large shopping centers with retail and medical.”
The Birmingham-based development company, which has built shopping centers throughout the Southeast, purchased the land for $3,650,000 last month through an auction at the Cullman County Courthouse. Hickman said he and his fellow developers hope to have a shopping center up at the site within the next 24 to 46 months.
“We think it’s one of the best sites in Cullman,” Hickman said. “We hope it will service all of north Cullman.”
The land was auctioned off after its previous owner, the Cullman-based East Point, LLC, defaulted on the mortgage, according to the mortgage foreclosure deed. The development company, which is operated by Cullman brothers Eddie and Josh Canaday, borrowed nearly $3 million from BankcorpSouth in September 2006 to purchase the land, according to a mortgage document filed at the probate judge’s office in the Cullman County Courthouse.
The Canadays faced similar payment problems last year for land purchased for a 1,000-acre development project on the north side of the Intracoastal Waterway in Gulf Shores, according to the Associated Press.
Wachovia Bank sued the Canadays and three other development investors for payment of a $20.36 million loan, the article stated. Wachovia lent the five developers the money to buy 26 acres on the Intracoastal Waterway as well as 880 acres on the north side of Waterway Boulevard West to construct a 3,500 square foot sales office and a 60-slip marina, the article said.
Claiming in the Dec. 17 lawsuit that it has not received a payment from the developers since June, Wachovia seeks $21.2 million, which equals the loan balance plus late fees and interest.
The Canadays could not be reached for comment by press time.
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