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The Wharf #720

1 Bedroom1 Bath 842sq ft w/bunk beds

Generated $21,000+ in gross rental income in 2011

ONLY $149,900

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The bank-owned Wharf in Orange Beach now privately owned

 The majority of The Wharf in Orange Beach has the same owner, a

Baton Rouge, La. businessman, Art Favre, who also has a home in

Orange Beach. (Press-Register/Mike Kittrell)

By: Kathy Jumper, Press Register

ORANGE BEACH, Alabama -- The owner of the retail complex at The Wharf has purchased the remaining bank-owned real estate -- including a 220-slip marina and the 10,000-seat amphitheater -- for about $14 million, according to court records.

Art Favre, president of Baton Rouge, La.-based Performance Contractors, now owns the majority of the mixed-use development along the Intracoastal Waterway, including about 120 undeveloped acres.

"We''''ve been able to put the whole property under one ownership," said Favre, who has had a home and a boat in Orange Beach since 1993.

"We''''re excited," Favre said. "We look at it as a long-term development and have a strategic plan for the next five to 10 years."

Developer AIG Baker opened the 222-acre Wharf in 2006, the first of several developments planned along the Intracoastal. But The Wharf struggled as the bottom fell out of both the real estate market and the economy.

By the middle of 2010, BBVA Compass, Regions and JP Morgan Chase Bank all had liens on various parts of the property.

In October of that year, Birmingham-based Regions Bank bought the music venue, marina and 178 undeveloped acres for $18.16 million at foreclosure auctions.

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