Ex-Federal Reserve building dodges foreclosure sale in loan dispute

One of downtown Kansas City’s landmark historic buildings came this close to a foreclosure sale earlier this summer, after its out-of-state owner faced accusations of defaulting on a loan for its redevelopment into an $88 million hotel.

Among the carnage, according to Jason Swords: the Fed’s large bronze seal has been torn from the middle of the grand lobby; six floors of handrail have been cut off and removed; elevator operating systems have been stripped and cables cut, rendering them unsalvageable; some historic decorative windows appear to have been stolen; garbage, human waste and signs of drug use are evident on lower floors; and exterior limestone panels show signs of partial release at the southwest corner, creating a potential pedestrian hazard.

For the full article go to the KCBizJournal.