By Kevin Collison
The troubled Park Reserve property has hit the market and the broker in charge of its sale believes new ownership may resolve the angst of its long-suffering condo residents.
“Hopefully we’ll find a buyer who will invest millions to improve it,” said Gib Kerr of Cushman & Wakefield.
“It wouldn’t make sense for a buyer to have a problematic project next door. Everyone will have a mutual interest in getting the problems fixed.”
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.
Park Reserve developer Wayne Reeder had completed and sold about 90 condos before losing control of the project. Residents have complained for years about the its poor condition and lack of progress toward completing the development.
The main hospital complex, parts of which date back 100 years, has been vacant since 2001, and has been frequently vandalized and languishes in disrepair.
Kerr believes the property’s strategic location overlooking the downtown skyline near Penn Valley Park and next to a planned streetcar stop at 31st and Main will make it attractive to a buyer.
“The question is, does it make sense to finish what Reeder started or scrape it and start new?” Kerry said.
While the property listed for sale does not include the bulk of condos already purchased in buildings on the north side of the Park Reserve site, there are about a dozen unsold units remaining that are included in the real estate offering.
Kerr said the location has been designated by the city as a “Transit Node” and would allow development of buildings up to 15 stories. He said the garage structure is in good condition, but not strong enough to have a building located atop it.
There is no listing price. The property is being marketed nationwide and Kerr anticipates the sale period may be relatively short because the property is in receivership.
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.
The streetcar extension route from Union Station to UMKC has attracted strong real estate interest with several projects either in the works or completed included a redevelopment plan recently proposed by Mac Properties at Armour that would include 425 apartments in several mid-rise buildings.
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I’m confused by this. If the bulk of the development’s condos have been sold and closed on, how is the condo association going to benefit from this sale of the remaining unsold units since the bank ostensibly owns them, not the association? (Other than maybe finally collecting on their delinquent assessments).
In my state, control of an association must be turned over to the owners upon closing on a majority of units or after a certain amount of time has passed, whichever comes first.
Or maybe it’s a phased project and the building being sold were supposed to be a later phase and is where amenities were to be included that were promised? Or is it a master association so a separate legal entity where amenities were to be located? Sounds complicated.
I’ve been following this horror show for so long and really do feel for those poor condo buyers/owners. I worked in condo development for years and was involved with multi-building loft conversion complexes/projects in Chicago’s West and South Loops, and have seen nothing so effed up as this.
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