Wallace R. Woodbury
Wallace Richards Woodbury was president of Woodbury Corporation from 1957 to 1979. Through his leadership Woodbury Corporation grew ten fold during those years.
He graduated from the University of Utah with a degree in Mathematics and Engineering in 1947. He proceeded to George Washington University Law School and finished his degree – Order of Coif – in 2 ½ years and accepted a position to teach law at New York University. He returned to Salt Lake City to work with his father at Woodbury Corporation and practice law shortly thereafter. His keen mind enabled him to understand the complexities of tax and financial analysis. He used these talents to help real estate investors to develop, acquire and manage better their real estate assets.
He worked with the National Association of Realtors to develop a CCIM program and he wrote classes along with other real estate leaders to create a special designation for realtors focusing on commercial transactions. He spent years traveling and teaching CCIM classes across the country. He lectured at law schools across the country in matters of tax and real property and testified in front of congress on several occasions on the nuances of tax law as they related to real property and shopping centers. He became one of the founding members of ICSC and served as a trustee of that organization in its early years.
His expertise also made him a sought after talent for major corporations seeking to expand across the country in newly created shopping centers. As a K-Mart developer he built more than 20 shopping centers. He represented grocery store chains and other famous retail chains like Skaggs, Smith’s, Albertsons, and McDonalds. He also became a site locater for Ramada Inns and despite all of these successes loved working with small mom and pop stores to help them build profitable businesses by solving their real estate dilemmas.
The project he was most proud of was the development of University Mall – a regional shopping center at the geographical center and traffic center of Utah County. He loved working with cities, helping the create zoning ordinances that would enable them to capture commercial development in a modern way.