Wachovia Sues Over Coastal Project

Wachovia Bank has sued for payment of a more than 20 million dollar loan to developers of the planned 1,000-acre Bon Secour Village project on the Alabama coast.

The Charlotte, N.C.-based bank claims in its lawsuit the developers have defaulted on the loan for the project on the north side of the Intracoastal Waterway in Gulf Shores.

The lawsuit in Mobile federal court says Wachovia lent the five developers the money to buy the land as well as cash to construct a 3,500-square-foot sales office and a 60-slip marina.

Calls to Bon Secour officials weren't returned immediately.