Condos near Federal Reserve

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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FangKC
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Re: Condos near Federal Reserve

Post by FangKC »

zonk wrote: I can't believe they just got their tax abatement....a full 25 years.  WHERE'S THE OUTRAGE????
I guess the lack of outrage is because the tax abatement is on a condo conversion that:

reuses an old building that is difficult to find a reuse for otherwise;
puts new residents in a currently empty building;
avoids demolition;
is within Downtown borders;
is in an area where our past mayor stated growing population and density is a goal;
is on a main mass transit route, and future light rail trunk;
puts new residents around the park, which is in need of users;
doesn't displace any residents in need of affordable housing;
adds customers near Midtown Marketplace and Power & Light.

That's my guess.
There is no fifth destination.
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Re: Condos near Federal Reserve

Post by DaveKCMO »

zonk wrote: I can't believe they just got their tax abatement....a full 25 years.  WHERE'S THE OUTRAGE????
have you walked down 31st street between broadway and main lately? i have, and it's kinda shitty. should've been 10 years (the going rate), but i'm sure reeder paid someone off generously. find me some broken windows on the plaza and we'll talk.
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Re: Condos near Federal Reserve

Post by moderne »

Where in the media was this reported?
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FangKC
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Park Reserve condos

Post by FangKC »

Midtown condo owners left in the lurch following a rift between developer Wayne Reeder and the Park Reserve HOA
...
Four years later, the couple is still waiting on those amenities, and based on an email Park Reserve homeowners received last week, it’s looking like they may never arrive.

The Park Reserve condos consist of three buildings: Yosemite, Yellowstone, and Grand Teton. The south wing of Grand Teton is where the promised amenities were supposed to be located, but that section of the property has been in "under development" ever since the Sweetens moved in.

Last Friday, the developer, Park Reserve LLC — owned by Wayne Reeder, a local real estate developer The Pitch has been covering going back many years — announced it will cease construction operations to finish developing the space.
...
https://www.thepitchkc.com/news/article ... eserve-hoa

From March:

Frustrations building as fire alarm violations still aren't fixed at midtown condos

https://www.kshb.com/news/local-news/fr ... own-condos
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beautyfromashes
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Re: Condos near Federal Reserve

Post by beautyfromashes »

I heard they were requiring residents to take turns doing around the clock patrols in order to not have fire alarms/sprinkler systems. Otherwise, they couldn’t occupy.
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normalthings
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Re: Condos near Federal Reserve

Post by normalthings »

I see this condo campus getting bulldozed within 10-15?years of the streetcar extension opening.
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Re: Condos near Federal Reserve

Post by KCLover »

normalthings wrote: Tue Jun 04, 2019 10:57 pm I see this condo campus getting bulldozed within 10-15?years of the streetcar extension opening.
Yep. The abandoned hospital is in shambles. The interior is trashed or gutted by vandals and vagrants.
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Re: Condos near Federal Reserve

Post by DaveKCMO »

It never made sense as condos anyway. Another Wayne Reeder disaster.
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Re: Condos near Federal Reserve

Post by rxlexi »

It never made sense as condos anyway. Another Wayne Reeder disaster.
Yep. This is such a key spot for redevelopment and is such an eyesore as-is. Hopefully with the upcoming streetcar there will be renewed pressure to improve or sell.
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Re: Condos near Federal Reserve

Post by FangKC »

‘So much worse’ than Fyre Festival: Residents abandon trendy KC condo amid flooding, broken elevators and blight

https://tinyurl.com/y6ej8t85
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Re: Condos near Federal Reserve

Post by moderne »

I can see how these owners got slickered by Reeder. Comparatively inexpensive compared to any other urban condos, great location. If only they had talked to any of the original buyers DT at the View. It was a much more sound and less complex structure than the oft added on nook and cranny hospital, despite being only a shell of a bldng. I was on the 10th floor and above that Reeder started using cheaper finishes(thinner granite, lower quality fixtures, etc). We had a lot of custom work done by independent contractors in our unit so the only problem we had was one the entire bldng had. They had put down a textured coating on the balconies and concrete ledges right on top of 40 years of dirt and grime. So it immediately began to slake off. After years of dispute between Reeder's LLC before he disbanded it and the HOA I was lucky to get what I paid for it when I sold.
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Re: Condos near Federal Reserve

Post by KCPowercat »

Got to do your research. If it looks like such a great deal it probably is a very horrible deal. The whole thing just seemed odd and I never kept up on who was developing it.

Still feel bad for all those involved. I'm sure they now have a permanent negative impression of urban living.
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Re: Condos near Federal Reserve

Post by kcjak »

I feel horrible for the people living there. I don't know that I would have been able to dig in the right areas to uncover information about Mr Reeder and one of the buyers said they didn't see his name in any of the materials when they purchased. It's such a great location, too bad much of the property may end up not getting developed as long as the current ownership is in place.
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Re: Condos near Federal Reserve

Post by TheLastGentleman »

Knowing more about these other Reeder projects makes the degradation of the scarritt make so much sense, as well as the languishing of the view 2.
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Re: Condos near Federal Reserve

Post by earthling »

Some other potential unfortunate outcomes are when a developer rehabs a building into condos and establishes an HOA fee that's too low to maintain the building. When the maintenance is fully transitioned to the owners, they realize it wasn't enough and are not prepared to significantly raise the fees or for big ticket assessments in future. Another scenario that can cause a downward spiral is when you have most buyers who have never owned a home. Renters are accustomed to management taking care of things and may not get involved with the future of the building (essentially apathy, which I've seen happen with some buildings). Condos that have mostly downsizing homeowners are more likely to stay on top of building issues. Of course the higher end you go, the more likely they stay on top of building issues.

That said, this project also was not rehabbed well and felt like a half-assed money grab, and not in the empty shell format way that should have solid basics. I once visited, helping a friend with condo shopping when this first opened and was not impressed.
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Re: Condos near Federal Reserve

Post by brewcrew1000 »

Are people seriously swayed by 2 hot tubs, saltwater pool, 30 seat theater, poker room, billard room, tanning room, putting greens, dog grooming room when they are about to make a huge financial commitment?

"The other building looks like a bombed out building in Beruit but you sold me on these amenities, I'll take it!!!!!"

Was the mindset on these people "It will be like living in a hotel"
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Re: Condos near Federal Reserve

Post by flyingember »

brewcrew1000 wrote: Fri Jul 26, 2019 10:24 am Are people seriously swayed by 2 hot tubs, saltwater pool, 30 seat theater, poker room, billard room, tanning room, putting greens, dog grooming room when they are about to make a huge financial commitment?

"The other building looks like a bombed out building in Beruit but you sold me on these amenities, I'll take it!!!!!"

Was the mindset on these people "It will be like living in a hotel"
People used to live in hotels full time for the service and amenities. So, yes.
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Re: Condos near Federal Reserve

Post by WoodDraw »

Hmm, I suppose everyone is different. But I try to discourage people from paying too much attention to amenities. My experience is that almost no one uses them, other than outdoor pools.
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Re: Condos near Federal Reserve

Post by flyingember »

WoodDraw wrote: Fri Jul 26, 2019 1:05 pm Hmm, I suppose everyone is different. But I try to discourage people from paying too much attention to amenities. My experience is that almost no one uses them, other than outdoor pools.
Fitness rooms are super popular relative to other options. fitness equipment and fitness memberships are expensive

Tanning rooms, yoga, salon, massage would get a ton of use by people who do this frequently. this might just be space for a traveling worker, can't say for sure

Hot tub and sauna goes with the pool

I can't find the source, I think it was on Twitter, but Union on the riverfront apparently is half dog owners. So they could fill a large part of a dog grooming business from just residents of that building. Probably aiming for the same idea.

basketball would get a lot of use, I'm not sure there's another court nearby

Community rooms and game rooms are probably more event driven, like if family comes into town and everyone likes pool or golf.


amenities are like bike lanes. unless you're there all day you can't say for sure something is or isn't being used. if it's 24 hours card driven there will be people working out when you're asleep
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Re: Condos near Federal Reserve

Post by normalthings »

flyingember wrote: Fri Jul 26, 2019 1:15 pm
I can't find the source, I think it was on Twitter, but Union on the riverfront apparently is half dog owners. So they could fill a large part of a dog grooming business from just residents of that building. Probably aiming for the same idea.
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