More units planned for Villages at South Main in Davidson

Listen to this article

DAVIDSON — Construction of the first 12 homes in the on-again, off-again, on-again Villages at South Main townhouse development have been completed, and plans are being made by the builder to construct the remaining 27 homes, according to the town of Davidson’s planning department.

In 2007, Davidson-based Corinthian Developers started the project, planning to build 39 units in six, three-story attached townhouses. But when the economy collapsed in 2008, the planned $300,000-plus units didn’t sell, the project stalled and lender CommunityOne Bank, headquartered in Asheboro, began foreclosure proceedings in the spring of 2011.

Davidson Village Investments, led by Davidson resident Brad Bowman, bought the foreclosed property from CommunityOne in July of that year. DVI set about completing the first 12 units, and Villages at South Main hit the market that fall, with a model in the partially completed first three-unit building.

Bowman, which has dropped the prices into the low $200,000s, has told the planning department that it will soon seek building permits from Mecklenburg County for the remaining units. In accordance with the town’s affordable-housing ordinance, four of those units will cost less than that.

Bowman, who also leads First Federal Properties, a real estate brokerage firm, could not immediately be reached for comment.

Tony Brown can be reached at [email protected], (704) 247-2912 or on Twitter at @tonymecktimes.