KANSAS CITY, Mo. -- — Owners at the troubled Park Reserve Condominiums are going after a bank for working with and lending money to "career fraudster" Wayne Reeder to start developing the condo project 12 years ago.
More than two dozen plaintiffs are included in a lawsuit against Citizens Bank & Trust, suing the bank for fraud.
41 Action News has covered the ongoing fire and safety hazards, code violations and other issues at the midtown complex throughout the year.
Angry condo owners say they're fed up with incompetence, saying they were promised luxury living but ended up with anything but.
The lawsuit seeks to recover the owners' losses from Citizens Bank & Trust.
Reeder approached the bank in 2007 with the idea to transform the old Trinity Lutheran Hospital near W. 30th Street and Baltimore Avenue into luxury condos. The bank gave $20 million to start the project. The city approved a tax abatement in which Reeder wouldn't pay new property taxes for the first 10 years, then pay half for the following 15 years.
The lawsuit cites numerous issues at the complex including leaking water, mold, falling debris, a dangerous parking garage, a broken elevator, broken fire suppression system and alarms, and squatters living in the vacant main part of the hospital building connected to the condo.
Bob Wright, vice president of the bank, emailed a statement to 41 Action News, saying: "This lawsuit makes false allegations against Citizens Bank & Trust. At this time, we cannot offer insight into the claims it makes. As the case is currently in litigation, we will not make further statements, and will refer any questions to our legal counsel."
41 Action News is seeking response from Reeder.
