DVI completing homes in Davidson

A group of local investors last week unveiled a new model home at Village at South Main, a Davidson townhouse development that went into foreclosure.

Davidson Village Investments LLC, led by Davidson resident Brad Bowman, is completing the 12 three-story homes that have sat abandoned along Main Street since last summer.

DVI purchased the foreclosed property from CommunityOne Bank of Asheboro early this month.

Bowman said the homes will be priced around $200,000 and hit the market this month.

Corinthian Developers began construction in the project in 2007 with plans to develop 39 townhomes. But as the economy tanked, the $300,000-plus units didn’t sell. The project stalled, and in May CommunityOne began foreclosure proceedings.

Bowman said DVI bought the loan Aug. 5, and a foreclosure sale was held Aug. 9. With no bidders, DVI acquired the property. Bowman would not disclose the purchase price.

Bowman also leads First Federal Properties, a real estate brokerage, development and investment company based in Cornelius. He said he’s going to see how the first 12 units sell before making any plans to expand the development.