The project, from Desperate Housewives creator Marc Cherry, is set in a community being ripped apart by forces of good and evil.
The drama unfolds when a mysterious stranger, played by Jesse L. Martin, arrives in the town.
Donal Logue has signed up to play Rye, a hardworking but unlucky diner owner, while Terry O'Quinn will play his nemesis, a wealthy but corrupt man called Del.
According to Deadline, Reese has now joined the cast and will play Del's friend. She is described as mean and manipulative.
Reese is best known for her role as Tess in Touched by an Angel, but more recently she appeared in an episode of Detroit 1-8-7.
Meanwhile, True Jackson, VP star Robbie Amell has signed up to play Del's son. The project will also feature Frances O'Connor, Arielle Kebbel and Zoey Deutch.