Thursday, April 29, 2010

Lakeshore Athletic Clubs Could Lose East Loop Location

Lakeshore Athletic Clubs risks losing its prime location near Millennium Park in the wake of a nearly $26.9-million foreclosure lawsuit, a serious blow to a company that was a 1970s pioneer of the fitness craze. A venture owned by Lakeshore’s founders, Walter and Jordon Kaiser, hasn’t made the monthly mortgage payment of $135,300 since September on the club at 211 N. Stetson Ave., a block north of the prominent park, according to a complaint filed last week in Cook County Circuit Court. The 120,000-square-foot building, one of the largest health clubs in the city, features squash courts, a climbing wall and a basketball court in addition to the typical exercise equipment. The foreclosure suit is just the latest sign of trouble for the company, which has closed two of its five gyms in recent years. Last summer, another Kaiser venture started falling behind on the payments on a $33.5-million loan on Lakeshore's flagship Lincoln Park location, 1320 W. Fullerton Ave....

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