Bank moves to seize most of Ala. Wharf complex

By: Associated Press Email
By: Associated Press Email

ORANGE BEACH, Ala. (AP) - Regions Bank has taken steps to seize
80 percent of The Wharf mixed-use development at Orange Beach.

The Birmingham-based lender has scheduled a courthouse-steps auction for Sept. 13 in Bay Minette.

The foreclosure includes the development's marina and 10,200-seat amphitheater.

The notices indicate that the marina, which includes 190 slips and a commercial building that encompasses a dock store and a restaurant, and 167 acres that include the concert venue, will be sold in two separate sales.

It's unclear how much developer AIG Baker Shopping Center Properties owes Regions Bank.

Regions spokeswoman Evelyn Mitchell said the bank's policy is not to comment on individual loans.

Baldwin County court filings show that the developers in 2005 borrowed $31.45 million to finance a land purchase and $17.6 million for the marina.

AIG Baker officials did not respond to requests for comment Thursday.

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