PRATTVILLE, AL (WSFA) - A mortgage foreclosure sale is being initiated on the High Point shopping center development in Prattville, located on Cobbs Ford Road just off Interstate 65. The sprawling, multi-million dollar complex has sat nearly empty since its development in 2007.
The city of Prattville floated millions of dollars in incentives to lure the complex, which includes anchor stores like Belk, J.C. Penny, Best Buy and Publix. Most of the smaller store fronts remain empty, however.
For clarification purposes, the attorney handling the sale, Robert D. Rives, says the Bass Pro Shop is NOT involved in the sale. Some of the property in the sale is adjacent to the Bass Pro Shop, but the large sporting goods store is not part of the foreclosure.
Prattville Mayor Bill Gillespie, Jr. said he wasn't particularly worried about the situation and said he's told tenants in the shopping center to continue doing business as usual.
A notice for the sale was printed in the Wetumpka Herald newspaper's legal notices section and sets the date for sale for June 30, 2011 on the steps of the Elmore County Courthouse. The auction will "sell at public outcry to the highest bidder for cash".
The property was developed as a joint venture between McClinton & Company and AIG/Baker and encompasses approximately 750,000 square feet of potential retail space.
According to the legal notice, the foreclosure sale was initiated after a default on the loan that was agreed upon by High Point II, LLC. and Bank of America in July of 2007.