CommunityOne Bank sues Davidson
by Staff Writer
CommunityOne Bank is suing the Town of Davidson, challenging the town board’s Sept. 13 decision to rezone the Davidson East property which the bank owns.
In a lawsuit filed Tuesday, Nov. 2, the bank is claiming the town’s decision has harmed their ability to develop the property.
CommunityOne, represented by Roy H. Michaux of K&L Gates, is challenging the validity of the board’s decision to rezone the property. That decision only allows the bank to build 12 homes on the 171-acre property along Davidson-Concord Road and focus heavily on light industrial and office space.
The bank claims the new zoning is incompatible with the original development agreement and master plan and makes the Davidson East property unmarketable, according to the suit.
Town Manager Leamon Brice said he could not comment when reached by phone Wednesday.
See the Nov. 11 Herald for the full story.