Re: Condos near Federal Reserve
Posted: Fri Jul 26, 2019 3:04 pm
I have a feeling Reeder will walk away from the property and the bank will end up owning it.
Page 3 of 7
Re: Condos near Federal Reserve
Posted: Mon Jul 29, 2019 1:50 pm
i can imagine a lot of reasons why there won't ever be one, but i would be very interested in a thread compiling condo/residential build screwups. i had assumed something was wrong about the view and also santa fe just based on how low the price per sq ft gets for some of those units (though part of it is probably location for both). same deal for that development on the northeast end of the westside. wall street seems fine on paper, but there's always like 10 units available at any given time which at least raises an eyebrow.
Re: Condos near Federal Reserve
Posted: Thu Nov 14, 2019 1:19 pm
Suit: KC condo owners accuse bank of 'unconventional' deal with developer
https://tinyurl.com/vb4fjjjSeveral owners of a Kansas City condo are suing Citizens Bank and Trust Co., accusing it of signing an "unconventional business arrangement" with the developer that was more akin to a joint venture or equity participation than a construction loan.
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Re: Condos near Federal Reserve
Posted: Wed Jun 02, 2021 6:12 pm
Court strips control from owner of blighted former hospital building
Residents say developer Wayne Reeder never came through on promises
Residents say developer Wayne Reeder never came through on promises
https://www.kmbc.com/article/court-stri ... g/36611707...
Last Thursday, a court stripped control of the former Trinity Lutheran hospital site from a company formerly managed by notorious developer and former felon Wayne Reeder.
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Re: Condos near Federal Reserve
Posted: Thu Jun 03, 2021 7:30 am
Notorious is right!
Re: Condos near Federal Reserve
Posted: Thu Jun 03, 2021 9:02 am
This is good news. That building is a blight and I feel bad for the condo owners who are stuck with terrible living conditions. It's a huge lot, great location and should have been a slam dunk to gut and renovate. Hopefully an actual developer can help transform this key parcel that's right along the Street Car Extension. Sunflower Development, MAC Properties, Extell, plenty of deep pockets active in the area who would bid on this property.
Re: Condos near Federal Reserve
Posted: Fri Sep 17, 2021 2:26 pm
Kevi;n Collison is reporting that the south buildings in the Park Reserve development have been put up for sale.
Park Reserve Site Hits Market, Relief for Beleaguered Condo Owners?
Park Reserve Site Hits Market, Relief for Beleaguered Condo Owners?
and there is another interesting bit of news....
Cushman & Wakefield was hired by a receiver appointed by the Jackson County Circuit Court to sell the property that had been owned by Park Reserve LLC. The 5.2-acre property includes the former Trinity Lutheran Hospital buildings and a 400-space garage.
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https://cityscenekc.com/park-reserve-si ... d8t_8pAvv4...
The Park Reserve property is close to another large potential development tract along the streetcar route that’s being marketed for sale, the 5.4-acre site that includes the former Conklin Fangman car dealership at 3200 Main.
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Re: Condos near Federal Reserve
Posted: Fri Sep 17, 2021 2:28 pm
Cleaning up that site and adding more street level activity could make it a nice southern gateway to penn valley parkFangKC wrote: ↑Fri Sep 17, 2021 2:26 pm Kevi;n Collison is reporting that the south buildings in the Park Reserve development have been put up for sale.
Park Reserve Site Hits Market, Relief for Beleaguered Condo Owners?
and there is another interesting bit of news....
Cushman & Wakefield was hired by a receiver appointed by the Jackson County Circuit Court to sell the property that had been owned by Park Reserve LLC. The 5.2-acre property includes the former Trinity Lutheran Hospital buildings and a 400-space garage.
...
https://cityscenekc.com/park-reserve-si ... d8t_8pAvv4...
The Park Reserve property is close to another large potential development tract along the streetcar route that’s being marketed for sale, the 5.4-acre site that includes the former Conklin Fangman car dealership at 3200 Main.
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Re: Condos near Federal Reserve
Posted: Mon Oct 18, 2021 2:05 pm
Dealership has a multi year lease. Won’t be developed for a whileFangKC wrote: ↑Fri Sep 17, 2021 2:26 pm Kevi;n Collison is reporting that the south buildings in the Park Reserve development have been put up for sale.
Park Reserve Site Hits Market, Relief for Beleaguered Condo Owners?
and there is another interesting bit of news....
Cushman & Wakefield was hired by a receiver appointed by the Jackson County Circuit Court to sell the property that had been owned by Park Reserve LLC. The 5.2-acre property includes the former Trinity Lutheran Hospital buildings and a 400-space garage.
...
https://cityscenekc.com/park-reserve-si ... d8t_8pAvv4...
The Park Reserve property is close to another large potential development tract along the streetcar route that’s being marketed for sale, the 5.4-acre site that includes the former Conklin Fangman car dealership at 3200 Main.
...
Re: Condos near Federal Reserve
Posted: Mon Oct 18, 2021 2:30 pm
Lease is up in 2022, it just says 3, 1 year renewal terms. Not clear if its sold if the new owner could decline those options. Typically leases require mutual consent to renew.normalthings wrote: ↑Mon Oct 18, 2021 2:05 pmDealership has a multi year lease. Won’t be developed for a while
https://www.loopnet.com/Listing/3200-Ma ... /21975171/
Re: Condos near Federal Reserve
Posted: Mon Oct 18, 2021 2:56 pm
Possible, Developer friend looked into this one but turned away after seeing the tenant 3 year extension option. I think it may be entirely the tenants choicealejandro46 wrote: ↑Mon Oct 18, 2021 2:30 pmLease is up in 2022, it just says 3, 1 year renewal terms. Not clear if its sold if the new owner could decline those options. Typically leases require mutual consent to renew.normalthings wrote: ↑Mon Oct 18, 2021 2:05 pmDealership has a multi year lease. Won’t be developed for a while
https://www.loopnet.com/Listing/3200-Ma ... /21975171/
Re: Condos near Federal Reserve
Posted: Mon Oct 18, 2021 3:13 pm
It depends on whether the dealership has plans to build a new operation at some other location in the Metro.
Park Reserve Condos (former Trinity Lutheran buildings)
Posted: Sat Jan 15, 2022 7:46 pm
Condo owners could get relief as KC developer looks to buy derelict Park Reserve property
https://www.bizjournals.com/kansascity/ ... W7tZNnBjvs...
NorthPoint Development on Dec. 27 entered a real estate purchase agreement with Park Reserve's appointed receiver, subject to approval by a Jackson County Circuit Court judge. For an $8 million sale price, the Riverside-based builder looks to acquire 5.2 acres that house the leftover undeveloped portions of the former Trinity Lutheran Hospital northwest of 31st and Main streets, plus 12 unfinished condos within existing buildings, according to public court records.
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Court filings do not detail NorthPoint's plans for the property and unfinished condos. The site presents a prime opportunity for the developer to demolish the former hospital structures to make way for a mix of uses next to a planned streetcar stop. New construction could be anywhere from three to 15 stories tall, on account of the property's location within a "transit node" under the city's Main Corridor Overlay District.
NorthPoint's previous developments in Kansas City include the Power & Light Apartments and upcoming CORE complex at the Berkley Riverfront.
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Re: Condos near Federal Reserve
Posted: Sun Jan 16, 2022 4:58 pm
Why only 15 stories when the site is between 2 television towers around 1000'? Wonder if the parking garage(in sad shape) will be razed for entirely new structure?
Re: Condos near Federal Reserve
Posted: Sun Jan 16, 2022 5:54 pm
Current zoning allows 15 floors. The city isn't going to stop them from doing more if they want to.
Re: Condos near Federal Reserve
Posted: Mon Jan 17, 2022 10:18 pm
Interesteed to see what Northpoint plans here. They did the KCP&L Building which was a combo of rehab plus new build.
Just spit-balling, I would consider buying out the condo-owners and going all apartments. I think they would be willing to sell to avoid living next to a construction site. I could see them demoing the old hospital and garage and just starting fresh with the rest of the space on new construction. Maybe if they had a do-over to start back when Reeder did they could save it, but after another decade of mismangement and deterioration it may be safer to just start afresh. I'm sure their structural engineers are going to take a look at it.
Just spit-balling, I would consider buying out the condo-owners and going all apartments. I think they would be willing to sell to avoid living next to a construction site. I could see them demoing the old hospital and garage and just starting fresh with the rest of the space on new construction. Maybe if they had a do-over to start back when Reeder did they could save it, but after another decade of mismangement and deterioration it may be safer to just start afresh. I'm sure their structural engineers are going to take a look at it.
Re: Condos near Federal Reserve
Posted: Mon Jan 17, 2022 10:23 pm
Condo owners are suing the lender. its a mess that NP would be better avoiding until its settled.alejandro46 wrote: ↑Mon Jan 17, 2022 10:18 pm Interesteed to see what Northpoint plans here. They did the KCP&L Building which was a combo of rehab plus new build.
Just spit-balling, I would consider buying out the condo-owners and going all apartments. I think they would be willing to sell to avoid living next to a construction site. I could see them demoing the old hospital and garage and just starting fresh with the rest of the space on new construction. Maybe if they had a do-over to start back when Reeder did they could save it, but after another decade of mismangement and deterioration it may be safer to just start afresh. I'm sure their structural engineers are going to take a look at it.
Re: Condos near Federal Reserve
Posted: Mon Jan 17, 2022 10:45 pm
My understanding from the article is that Park Reserve LLC (the HOA) is suing the receiver who manages the property on behalf of the bank, who is now the owner because Reeder defaulted on his loan. Since there is all of this deferred maintenance, they have requested a lien on the sale but the sale would still go through just provided that the maintenance expenses are still taken care of.normalthings wrote: ↑Mon Jan 17, 2022 10:23 pmCondo owners are suing the lender. its a mess that NP would be better avoiding until its settled.alejandro46 wrote: ↑Mon Jan 17, 2022 10:18 pm Interesteed to see what Northpoint plans here. They did the KCP&L Building which was a combo of rehab plus new build.
Just spit-balling, I would consider buying out the condo-owners and going all apartments. I think they would be willing to sell to avoid living next to a construction site. I could see them demoing the old hospital and garage and just starting fresh with the rest of the space on new construction. Maybe if they had a do-over to start back when Reeder did they could save it, but after another decade of mismangement and deterioration it may be safer to just start afresh. I'm sure their structural engineers are going to take a look at it.
Re: Condos near Federal Reserve
Posted: Mon Jan 17, 2022 10:56 pm
Multiple lawsuits at play. Condo owner's also suing the bank, where I think they may make get the biggest payout. That is the "main" lawsuit imho.alejandro46 wrote: ↑Mon Jan 17, 2022 10:45 pmMy understanding from the article is that Park Reserve LLC (the HOA) is suing the receiver who manages the property on behalf of the bank, who is now the owner because Reeder defaulted on his loan. Since there is all of this deferred maintenance, they have requested a lien on the sale but the sale would still go through just provided that the maintenance expenses are still taken care of.normalthings wrote: ↑Mon Jan 17, 2022 10:23 pmCondo owners are suing the lender. its a mess that NP would be better avoiding until its settled.alejandro46 wrote: ↑Mon Jan 17, 2022 10:18 pm Interesteed to see what Northpoint plans here. They did the KCP&L Building which was a combo of rehab plus new build.
Just spit-balling, I would consider buying out the condo-owners and going all apartments. I think they would be willing to sell to avoid living next to a construction site. I could see them demoing the old hospital and garage and just starting fresh with the rest of the space on new construction. Maybe if they had a do-over to start back when Reeder did they could save it, but after another decade of mismangement and deterioration it may be safer to just start afresh. I'm sure their structural engineers are going to take a look at it.
https://www.kshb.com/news/local-news/co ... -fraudster
Re: Condos near Federal Reserve
Posted: Tue Jan 18, 2022 1:02 am
Interesting, I tried to check in Casenet but I didn't find any matching claims agianst Citizens Bank & Trust by Park Reserve homeowners. There was a lawsuit against CB&T by the View Condo ass'n that was mutually dismissed. CB&T was a co-defendant to this 1916-CV09195 - ASHLEY MORGAN V PARK RESERVE, LLC. ET AL, but they were dismissed. (https://www.courts.mo.gov/casenet/cases ... Dockets.do. This is a case against Reeder and the HoA and it's scheduled for trial in March.normalthings wrote: ↑Mon Jan 17, 2022 10:56 pmMultiple lawsuits at play. Condo owner's also suing the bank, where I think they may make get the biggest payout. That is the "main" lawsuit imho.alejandro46 wrote: ↑Mon Jan 17, 2022 10:45 pmMy understanding from the article is that Park Reserve LLC (the HOA) is suing the receiver who manages the property on behalf of the bank, who is now the owner because Reeder defaulted on his loan. Since there is all of this deferred maintenance, they have requested a lien on the sale but the sale would still go through just provided that the maintenance expenses are still taken care of.normalthings wrote: ↑Mon Jan 17, 2022 10:23 pm
Condo owners are suing the lender. its a mess that NP would be better avoiding until its settled.
https://www.kshb.com/news/local-news/co ... -fraudster
Without knowing the intrecicies of a claim, it's generally going to be very very hard to sue a lender as a joint venturor, you would have to prove that CB&T acted, directed, engaged, etc. in the project beyond just providing the funding. Reeder is a steaming pile of feces, but it's not per se illegal to lend him money (just dumb).
Anyways, yes, it's a risk that there are pending lawsuits against Reeder but at the worst, Northpoint would need to cover any judgements for but like I said, it may be a good idea to just buy out all the condo owners.