D'IBERVILLE, MS (WLOX) - A D'Iberville condominium project that went belly-up in the housing collapse of 2008 may soon become a source of pride for the city.
Two investors from Mobile, Alabama have paid $600,000 for Orchard at the Bay on Gorenflo Road, with hopes of renovating the condos, and even adding more.
After the economy took its toll on the three story condo units, vandals had their turn, causing damage inside and out. The condos went into foreclosure, and the property became blighted.
D'Iberville Community Development Director Hank Rogers feels the time is right for a comeback.
"What this tells me is that there are some holes opening up in the market, perhaps, for condos," Rogers said. "And if they're done property and priced properly and financing can be made available, I think this is a good sign, an uptick in the market."
While in foreclosure, the property became a nightmare for city code enforcement officials, trying to keep the condos from becoming a danger to the community. Jeff Harbour is a code enforcement officer.
"It was in much need of repair for years since the storm," Harbour said. "It's been vandalized, and now we have somebody who's going to fix it up and hopefully get some homeowners in here."
D'Iberville city officials hope that if this project comes back to life and these condominiums are renovated and lived in, it will bring new life back to this community as a hub for other developments.
That's what Rogers is hoping.
"I think they are seeing the city of D'Iberville is the place to be investing and our growth is still good," Rogers said.
And Orchard at the Bay going from bad to good could change this neighborhood for the better for years to come.
Currently, the development has 27 unfinished units. The property, which is almost five acres in size, has room to construct another 84 town homes.