For the past year and a half, the residents of the tiny North Edgebrook subdivision at the intersection of Touhy and Meade/McVicker/Sherwin Aves. had been involved in a “tug of war” with the owner of the commercial building at 6000 W Touhy Ave which has been home to a baseball training academy, as well as a local bank and a physical therapy office. The owner of the baseball training academy, Gus Tountas, who is also the owner of the building, wanted to convert the baseball training academy into a “LA Fitness” health club, for which he was required to build a 300-car parking garage. The residents of the subdivision fought these plans “tooth and nail”, in the form of petitions and protests vis-a-vis 41st Ward Ald. Brian Doherty. For the time being, it appears as though the residents have won this battle. On 60646 Blog, you can read about the details of this saga here, here, and here.

Today, “Chicago Real Estate Daily” – a daily real estate publication by Crain’s Chicago Business – reports that a foreclosure lawsuit in the amount of $8.55 Million has been filed by Harris Bank against 6000 W Touhy Ave. The CRED article outlines the details of the case itself, as well as some of the circumstances that have led to this foreclosure action. But I’m missing a discussion / thoughts of the impact of this foreclosure lawsuit on the residential home values bordering on this shopping center. Perhaps it’s too early to discuss this, because the lawsuit was only recorded on September 29, 2009, which was right around the time when I found out about it first, as I subscribe to RealtyTrac’s distressed property service. But CRED’s article quotes one of Mr. Tountas’ attorneys as saying:

“We’re trying to work it out with them,” (with Harris Bank) says attorney Richard M. Varchetto of Elmhurst, who represents Mr. Tountas. If negotiations are unsuccessful, Mr. Tountas intends to fight the foreclosure case.

You gotta hand it to Mr. Tountas: He is a fighter. Let’s hope that he has more luck than he had in his fight with the subdivision residents, over the 300-car parking garage.

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