The Plaza Faces Possible Foreclosure

Evergreen Park's only enclosed mall, 9500 S. Western Ave., could add foreclosure to its list of economic problems, according to a report from Chicago Real Estate Daily, a publication owned by Crain's Chicago Business.

Owned and operated by Kansas City, Mo.-based The Provo Group, The Plaza's lenders filed a foreclosure suit that would put the $20 million note up for sale, the report said.

This information comes less than a week after the Village of Evergreen Park announced that the Zoning Board of Appeals will hold a meeting discussing a proposal for a fitness center to be housed in a vacant space in The Plaza, where Office Depot formerly sat.

"It has to be handled by the Zoning Board first, then the Village Board," said Mayor James Sexton.

After Sexton said he hoped it "would be a catalyst for The Plaza" to redevelop.

But with threats of a foreclosure, who knows whether or not that could happen.

Sexton said the village would not consider buying the property, but that it should remain a retail space.

"Hopefully, someone would come in and buy up that note and redevelop that property, he said. "As you can see there’s a lot of action going on around."

Read the full story at Crain's Chicago Business' Chicago Real Estate Daily.