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Message

re: Capital One Tower in Lake Charles - loss of $139,876,991?

Posted on 12/13/21 at 7:23 pm to
Posted by CitizenK
BR
Member since Aug 2019
13894 posts
Posted on 12/13/21 at 7:23 pm to
When built by the Calcasieu Marine National Bank, it was PAID for in full before completed. That bank was a cash rich like few others in the nation.
Posted by stout
Porte du Lafitte
Member since Sep 2006
179606 posts
Posted on 12/13/21 at 7:27 pm to
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.



No, it isn't. They are building the new Crying Eagle there as well as Port Wonder which is supposed to be some kind of educational and museum hybrid. The parking garage is being reworked to service both places as well as any future developments. Both have already broken ground and the garage rework has been going on for a few months now.




LINK
Posted by CitizenK
BR
Member since Aug 2019
13894 posts
Posted on 12/13/21 at 7:28 pm to
Completed in time for the oil price collapse of the 1980's.
Posted by DLauw
SWLA
Member since Sep 2011
6193 posts
Posted on 12/13/21 at 7:31 pm to
I filed my claim in my business for Laura when she was still going up through north Louisiana. Ended up having to hire legal. Just got our first check last week. Insurance companies suck if you defend insurance companies, then you suck too. Our commissioner is a piece of shite as well.
Posted by stout
Porte du Lafitte
Member since Sep 2006
179606 posts
Posted on 12/13/21 at 7:32 pm to
quote:

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.


The homeless have decided to make the old Ryan's on Ryan St their HQ for some reason. You can even see them on Google maps.







They also stay across the street in that vacant damaged building next to Albertson's.
Posted by Ric Flair
Charlotte
Member since Oct 2005
13868 posts
Posted on 12/13/21 at 7:38 pm to
Is the Port Wonder the same as the National Hurricane museum that was proposed 15ish years ago?

And it will always be the CM tower to me.
Posted by stout
Porte du Lafitte
Member since Sep 2006
179606 posts
Posted on 12/13/21 at 7:41 pm to
The hurricane museum has a small location here but the newer location that was supposed to be on the water with a boardwalk was scrapped like 5 years ago. Funding was the issue


quote:

LAKE CHARLES, LA (KPLC) - Plans for the National Hurricane Museum and Science Center at the Civic Center have been thrown out.

The museum board has notified the City of Lake Charles that it no longer has plans to build the museum.

Mayor Randy Roach said he received a letter in May from Gray Stream, museum board chairman, stating that the board was releasing the city from its commitment to reserve land at the lakefront for development.

The museum had secured $42 million for the project, but needed an additional $15 million.

A proposed 10-year tax that would have raised an estimated $2.6 million per year was overwhelmingly voted down in April 2016. Eighty percent of voters opposed it.


It would have been badass and made the Streams family even richer.



Posted by AUbagman
LA
Member since Jun 2014
11154 posts
Posted on 12/13/21 at 7:42 pm to
quote:

think it will ultimately be demolished


Anyone that has overseen work on structures like this from start to finish would agree that'd be a damn shame.

So many raw materials and man hours gone.
Posted by Ric Flair
Charlotte
Member since Oct 2005
13868 posts
Posted on 12/13/21 at 7:48 pm to
The rent/lease revenue from the CM tower were probably at a max 100k/month. Is 140 million a “build the same tower from the ground up” number or a “fix existing infrastructure with hurricane proof glass” number? Either way, it doesn’t make sense to fix or rebuild.
Posted by stout
Porte du Lafitte
Member since Sep 2006
179606 posts
Posted on 12/13/21 at 7:52 pm to
quote:

The rent/lease revenue from the CM tower were probably at a max 100k/month


It was more than that. The state had several offices there and they were probably paying more than $100K per month just for their space.

But to answer your question I dont think it benefits the owners to rebuild. They are better taking the money and tearing it down.

The only way I see it rebuilt or repaired is if their policy has a stipulation that they must do so.
This post was edited on 12/13/21 at 7:53 pm
Posted by bhtigerfan
Baton Rouge
Member since Sep 2008
32990 posts
Posted on 12/13/21 at 7:59 pm to
quote:

The hurricane museum
A hurricane museum? Seriously?

Who the frick would want to go to that? Sounds like a huge waste of money.
Posted by Ric Flair
Charlotte
Member since Oct 2005
13868 posts
Posted on 12/13/21 at 8:16 pm to
quote:

The state had several offices there and they were probably paying more than $100K per month just for their space.


Nothing like getting a TWIC card in Class A office space. They should have moved that office to a warehouse in Westlake 25 years ago.
Posted by USMEagles
Member since Jan 2018
11811 posts
Posted on 12/13/21 at 8:22 pm to
quote:

Nothing like getting a TWIC card in Class A office space.


I was valedictorian of my HUET class.
Posted by sledgehammer
SWLA
Member since Oct 2020
6779 posts
Posted on 12/13/21 at 8:29 pm to
Have you ever heard what’s going to become of the Ryans as well as the Hobby Lobby shopping center? Next to nothing has been done there since Laura. If you think about it, there’s still plenty of abandoned businesses scattered throughout LC.
Posted by Got Blaze
Youngsville
Member since Dec 2013
9901 posts
Posted on 12/13/21 at 8:42 pm to
These pics are from November 2020, approx. 10 weeks after Hurricanes hit LC



Not a single broken glass window.
This bldg is probably < 200 yds from the tower

Posted by stout
Porte du Lafitte
Member since Sep 2006
179606 posts
Posted on 12/13/21 at 8:45 pm to
The Hobby Lobby shopping center will be a total loss from what I have heard. The only reason it's not demolished yet is the same as the tower which is an insurance fight. Hobby Lobby and Harbor Freight will have new locations. Harbor Freight is looking to open a location in Sulphur in 2022 with an eye on 2023 for LC and Hobby Lobby is allegedly going to be somewhere around the Nelson and Lake developments. Not sure about Sears Oultelt and Big Lots.

Don't forget, that all of those houses behind Northern Tools are going to be bought out due to constant flooding.

Couple that all with what's going on with St Louis and Mallard Cove relocating to Morgan Field and that whole area could be what Nelson has been for the last decade. The only issue will be the public high school which is Lagrange that might deter some people.

Even Chenault is trying to bring in more industry and has been actively seeking long-term tenants on previously unused land.

I think that area from Oak Park all the way to the Burton is going to boom in the next decade and honestly, the Hobby Lobby shopping center being turned into something new and modern will help. You also have basically every building on that side of 14 all the way down to Oak Park by the old Goodwill store that is damaged and/or vacant right now. I think it will be ripe for development especially once they buy out that neighborhood behind Northern Tools and move some of the crime out.

One of the corners of McNeese St and 14 just sold. Not sure what is going there but they have been for sale for a solid 20 years or so.
Posted by stout
Porte du Lafitte
Member since Sep 2006
179606 posts
Posted on 12/13/21 at 8:49 pm to
quote:

Not a single broken glass window.
This bldg is probably < 200 yds from the tower



They had a ton of roof damage. They had trucked in new foam insulation panels and stored them all over their parking lot for the roof repair right after Laura. It was all over downtown after Delta passed through. Thousands of dollars in lost materials.
Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
466274 posts
Posted on 12/13/21 at 8:49 pm to
quote:

Hobby Lobby is allegedly going to be somewhere around the Nelson and Lake developments.

It's going up right next to Target

quote:

I think that area from Oak Park all the way to the Burton is going to boom in the next decade

I hope so. It's so sad what's happened to Oak Park. Lots of great homes and scenery
Posted by stout
Porte du Lafitte
Member since Sep 2006
179606 posts
Posted on 12/13/21 at 8:55 pm to
quote:

I hope so. It's so sad what's happened to Oak Park. Lots of great homes and scenery



Oak Park is loaded with great old houses and I love parts of the layout with the main street as well as a back alley. It is also weird because as you get closer to 12th St it is high crime but getting closer to Prien and it has been going through some gentrification.
Posted by LSUFanHouston
NOLA
Member since Jul 2009
40232 posts
Posted on 12/13/21 at 9:08 pm to
quote:

Hertz's claimed "loss of rents" business interruption.


Well that claim will be denied… that’s the most useless coverage in America..
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