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Message
Capital One Tower in Lake Charles - loss of $139,876,991?
Posted on 12/13/21 at 3:37 pm
Posted on 12/13/21 at 3:37 pm
If you do a little digging around, you'll find there's a lawsuit filed by the owner of the Capital One Tower office building in Lake Charles against its insurance company, Zurich. Apparently the insurance company has only paid Hertz Group (owners) $20 million so far. Hertz Group is claiming a lot more in partial loss damages (see title), hence the lawsuit...
I'm not sure if the case is still ongoing, but last I checked no repair work has been done on that structure in many months.
LINK
I'm not sure if the case is still ongoing, but last I checked no repair work has been done on that structure in many months.
LINK
16
Posted on 12/13/21 at 3:41 pm to JAGuyHeh
That Lake Charles jury pool is going to be ripe for years to come
Posted on 12/13/21 at 3:44 pm to JAGuyHeh
quote:
JAGuyHeh
Bruh we don't have PACER subs; hit us with the quotes or get back to work.
Have you gotten all your billable hours for the year yet?
Posted on 12/13/21 at 3:47 pm to JAGuyHeh
(no message)
This post was edited on 2/4/22 at 7:25 am
Posted on 12/13/21 at 3:48 pm to jclem11
quote:
Bruh we don't have PACER subs; hit us with the quotes or get back to work.
What do you want?
Posted on 12/13/21 at 3:50 pm to JAGuyHeh
quote:
What do you want?
Any good info you could find.
Posted on 12/13/21 at 4:00 pm to jclem11
quote:
Any good info you could find.
Zurich made an "unallocated" payment of $20 million on October 29, 2020.
This "unallocated" payment did not differentiate between payment for property
damage and payment for Hertz's claimed "loss of rents" business interruption.
On November 20, 2020, William Z. Hertz, Chief Executive officer of Hertz Lake Charles One Manager, Inc., manager of HLCO, submitted a Partial Proof of Loss to Zurich through Mr. Parris in the total amount of$139,876,991("PPOL") which included $131,164,948 in estimated repair and replacement costs.' See Exhibit D.
Posted on 12/13/21 at 4:01 pm to Winnebago Tiger
quote:
The images of the damage Laura did to that building are absolutely horrific. I’m surprised it’s not a total loss.
I think it will ultimately be demolished.
Posted on 12/13/21 at 4:03 pm to goofball
quote:
I think it will ultimately be demolished.
Looks like it's half way there so good call.
Posted on 12/13/21 at 4:14 pm to goofball
quote:
I think it will ultimately be demolished.
Posted on 12/13/21 at 4:33 pm to JAGuyHeh
Rumor is that it most likely will be torn down
Posted on 12/13/21 at 5:42 pm to stout
quote:
Rumor is that it most likely will be torn down
That's what I heard through my sauces, too.
Sucks, but at this point it's an eyesore, and it was barely occupied before the storm. It will be weird without having it downtown, though.
Posted on 12/13/21 at 6:00 pm to swamplynx
Hopefully it'll be replaced with something nice if torn down
Posted on 12/13/21 at 6:09 pm to JAGuyHeh
I also heard the building will be demo’d in January. Due to the continued inclement weather conditions (wind, rain) from both hurricanes, the building structure is no longer stable and considered unsafe to repair & rebuild. Engineers were brought in to assess the damages and structural integrity of the building core and ground. . That building suffered lots of damage during Rita in 2005
This post was edited on 12/13/21 at 6:11 pm
Posted on 12/13/21 at 6:17 pm to damn_baw69
quote:
Hopefully it'll be replaced with something nice if torn down
There's a homeless casino license looking to roost somewhere.
Posted on 12/13/21 at 6:19 pm to Jim Rockford
It’s a tear down bro
Posted on 12/13/21 at 6:22 pm to swamplynx
quote:
Sucks, but at this point it's an eyesore, and it was barely occupied before the storm. It will be weird without having it downtown, though.
Yeah, it will be strange not to see it there. But you are correct. I worked in their for a few years in the late 00s and the building was only at about 50% occupancy back then and I think it had slipped before 40%. Quite a few companies and as well as public entities rent roof space for communication equipment. That will be about the only loss at this point.
Posted on 12/13/21 at 6:44 pm to stout
quote:
Rumor is that it most likely will be torn down
It's a been a staple of the city since the 80's but I'm of the belief that it's best to take it down. Let's hope that property is turned into something good for the city and downtown area.
Posted on 12/13/21 at 6:46 pm to Jim Rockford
quote:
There's a homeless casino license looking to roost somewhere.
The spot where the original Harrah's was located is still there empty with that eye sore of a parking garage right on I-10.
Posted on 12/13/21 at 7:07 pm to redstick13
quote:
The spot where the original Harrah's was located is still there empty with that eye sore of a parking garage right on I-10
It’s so strange standing there alone on that side of the lake. I’ve thought to myself that it would make a great place to set up your little pile of belongings while you worked 16 hours during the day to get back on your feet after a major frick up in life.
THEN, I remember that 99,9% of the homeless choose to live like that and would prefer just to be shameless, unabashed beggars on the side of the road.
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