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Message
re: Capital One Tower in Lake Charles - loss of $139,876,991?
Posted on 4/7/22 at 9:58 pm to JAGuyHeh
Posted on 4/7/22 at 9:58 pm to JAGuyHeh
Again, I'm going to say no chance it gets renovated. Too big of a space, even as a mix use complex.
I live in the complex next to it and its less than halfway full bc the majority of people can't/won't live in a complex that is more expansive than a house. Most of the people in my complex are like me and working temporarily in LC.
Too much office space to be sustainable especially with work from home as a more norm after covid.
I live in the complex next to it and its less than halfway full bc the majority of people can't/won't live in a complex that is more expansive than a house. Most of the people in my complex are like me and working temporarily in LC.
Too much office space to be sustainable especially with work from home as a more norm after covid.
0
Posted on 4/7/22 at 10:08 pm to Prominentwon
quote:
Put a restaurant or two in there and don’t make it exclusive bullshite and I think you have something nice.
But I’m sure installing the tools needed to operate an restaurant there would be insanely expensive.
It’d be awesome if it could be turned into a multi level mall like old times with stores, food options and restaurants, etc.
Posted on 4/7/22 at 10:28 pm to JAGuyHeh
quote:
Converting it to mixed use would be a good idea in my opinion.
Without the parking support. And how many elevators are in there? Not enough.
quote:
Converting it to mixed use would be a good idea in my opinion. Rename it to Resilience Tower or something cool, rather than after a bank that no longer owns it.
Put the CM back up or tear that bitch down.
quote:
Also, to those of you who said that there were rumors it would be torn down: what were your sources?
Someone who has fricked half of LCH.
Posted on 4/7/22 at 10:29 pm to JAGuyHeh
Posted on 4/7/22 at 11:02 pm to JAGuyHeh
Zurich. What a POS carrier.
Posted on 4/8/22 at 7:12 am to Tigeralum2008
The renaissance hotel is a prime location in BR.
This is lake Charles
This is lake Charles
Posted on 4/8/22 at 7:31 am to rowbear1922
quote:
They reached out to the old Isle of Capri to rebuild that location. Looking at the extent of the damage was one of the reasons they turned it down
What?
Ceasers had that under lockdown to purchase even before the storm
This post was edited on 4/8/22 at 7:34 am
Posted on 4/8/22 at 7:35 am to stout
BTW, the inside is not nearly as bad as many of you are saying. KPLC did a video of the inside of it yesterday. It's not great but it's not like it's been an open space for the past nearly two years. They boarded the windows up pretty quickly which helped. Still a ton of damage, though
KPLC
KPLC
Posted on 4/8/22 at 7:40 am to stout
The building is probably absolutely fixable in another time and another place. But in 2022 Lake Charles I don’t see it being financially worthwhile.
Posted on 4/8/22 at 7:43 am to JAGuyHeh
Don’t feel sorry for Hertz one bit
Posted on 4/8/22 at 7:47 am to swamplynx
My understanding is that there was demand and fully leased was projected when funding by the Lawtons was approved. We were in an oil boom then. The oil boom collapsed, office space went unleased. Other developments at about the same time, Lakeside bank and Calcasieu Savings were built in the 70's.
It will cost real money to demolish.
It will cost real money to demolish.
Posted on 4/8/22 at 7:53 am to biglego
quote:
But in 2022 Lake Charles I don’t see it being financially worthwhile.
Not as purely an office building but it would do well as mixed-use. There is a new mixed-use building going up on Ryan St Dowtown and it already has a lot of the space leased. It is much smaller obviously but it proves a demand is there to some degree.
This is being built at 825 Ryan St
The tower could do a condo, office/retail, and restaurant combo. The new apartment building next to the tower is all leased out so there is demand. Gigis could even move there since that building seems like it will never be rebuilt fully.
Posted on 4/8/22 at 7:57 am to JAGuyHeh
quote:
apital One Tower in Lake Charles
What businesses were working in the building at the time of the storm?
Posted on 4/8/22 at 7:57 am to Kingpenm3
Mostly state agencies
Posted on 4/8/22 at 7:58 am to Tigeralum2008
quote:
Everyone remember the partially constructed tower that sat idle for 20 years off Bluebonnet? If they can renovate that into a hotel, they can fix Capital One in LC
They turned that into a hotel, not an office building. There's just not staggering demand for office space anywhere in the US post-pandemic. And companies haven't exactly knocking the door down to demand office space in Louisiana for 20 years.
The Bluebonnet example also featured a much smaller building that didn't require a lot of demolition to prep for construction either. The building was an unfinished dorm for Swaggert ministries, and they ran out of money when he got involved in major scandals. They stopped construction at a point where they felt they could pick it up again later if their fortunes changed. Since their bible college never recovered fully, they finally put the unfinished building on the market and it was built out into a higher end hotel back when construction was fairly cheap and borrowing costs were reasonable. It also helps that it is located on prime real estate next to the largest shopping district in a metro area at least 4 times the size of the Lake Charles-Sulphur metro.
It's a big difference from Lake Charles, where the building is larger, requires a lot of demo, construction costs are higher, interest rates are higher, the neighborhood is not as hot, and the building is in a market that's pretty soft for office space and possibly even hotels of that size.
I want to see the Capitol One building (need to rename it) in Lake Charles redeveloped. But I think the best bet is going to be a hotel associated with one of the Casinos. I'm not sure Lake Charles can absorb that much office space right now. There's a recent trend of turning old bank buildings into high rise apartments/condos, but I'm not sure the market could support that in Lake Charles. Maybe a combination hotel/apartment tower with a few floors of office and retail. If there's a really nice top floor, it could be a cool place for a restaurant eventually.
Posted on 4/8/22 at 8:08 am to dewster
Wasn’t the occupancy rate about 50% before the storm? Not sure LC could support a building like this anymore. Maybe Hertz will get the settlement and “donate” it to the city for them to put all of their offices in this space. Would be the best option to keep the building viable.
Probably going to get a settlement and tear it down.
Probably going to get a settlement and tear it down.
Posted on 4/8/22 at 8:09 am to dewster
quote:
want to see the Capitol One building (need to rename it) in Lake Charles redeveloped. But I think the best bet is going to be a hotel associated with one of the Casinos
I still don't think its going to be renovated. I think this is purely a PR move by the owners to both the City and their insurance company.
Anyway....it would make too much sense to have a nice hotel across from the Civic Center for the downtown crowd, but I think the building is even too big for that. Again you'd probably have to partner (like most hotel chains do) with other retailers for space on the first 2 floors.
Posted on 4/8/22 at 8:13 am to stout
quote:
The tower could do a condo, office/retail, and restaurant combo.
That's a pretty building! I like the brick mixed with the modern elements. Reminds me of that building in Baton Rouge near I-10 with the helicopter pad.
Yeah the Cap One building is going to have to be mixed use. That's going to mean higher construction costs (especially the residential aspect with additional plumbing and HVAC work).
People are going to have to be confident that it can safely withstand a hurricane too. The wind seemed to peel the glass panels off of that building like it was made of tin foil. Other nearby buildings didn't have anywhere near that kind of damage. They have to fix that and probably visibly change the facade to help build confidence that it's not the same building.
Posted on 4/8/22 at 8:13 am to dewster
quote:
Everyone remember the partially constructed tower that sat idle for 20 years off Bluebonnet? If they can renovate that into a hotel, they can fix Capital One in LC
They turned that into a hotel, not an office building.
Maybe I’m thinking of a different building Bc I thought it was turned into apartments.
Posted on 4/8/22 at 8:30 am to biglego
quote:
Maybe I’m thinking of a different building Bc I thought it was turned into apartments.
There are two or three mid rises in that area that were sold by that college, but they were always apartments and offices. I think most of the residents in the apartments there are still associated with that televangelist network.
The office building there was always offices IIRC. The Advocate was based there for years. Now it's Capitol City Press which I think is still associated with The Advocate newspaper. Long ago it was the HQ for that televangelist empire that collapsed when that guy got caught with hookers in New Orleans.
Then there is that newer hotel that was build from an unfinished apartment building.
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