Bank buys Washington Building in foreclosure

  • Posted: Tuesday, August 21, 2012 12:01 a.m.
    UPDATED: Tuesday, August 21, 2012 1:00 p.m.

SALISBURY — CommunityOne Bank bought the historic Washington Building in downtown Salisbury at a foreclosure auction this morning.
The bank bid $800,000, starting a 10-day upset bid process on the building at 118 N. Main St.
No one attended the auction at the Rowan County courthouse.
Miller Davis Development, which owned the building, defaulted on a $1.2 million loan from CommunityOne. Mike Miller, who also owns the Miller Davis advertising firm located in the building, had been trying to reach a deal with the bank to avoid foreclosure.
The Washington Building was built in 1902 and renovated in 2003-04 by Miller and Davis Whitley.

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