The Canton ( formerly Residences at Classen Curve)

[Sean21]

Cool! Then, I'm guessing they aren't changing the plans any. If they don't have to rebuild the parking garage and stairwells, that'll help save some money

Only thing he changed was unit price. Up 21% btw

[ChrisHayes]

Any idea when they're expected to begin (re)construction?

[PhiAlpha]

Any idea when they're expected to begin (re)construction?

Circa 1865

[AlvarezK]

Hey Pete, have you found out if and when they will begin construction on a new complex?

[Pete]

Hey Pete, have you found out if and when they will begin construction on a new complex?

I believe they are still working through the insurance issues, and that can take some time.

[Pete]

[SEMIweather]

Any word on whether or not the garage is going to be salvaged? Can't say I'd feel amazing about parking in there if it is, tbh, but then again I'm not the one deciding.

[Pete]

Since the garage hasn't been demolished, I suspect it will stay.

[David]

So incredibly sad when this was just a stones throw from opening.

[chssooner]

I wish they could look again at adding retail to the ground floor. That would make this a game-changer, to the nth degree.

[Plutonic Panda]

I wish they could look again at adding retail to the ground floor. That would make this a game-changer, to the nth degree.

Yeah same here. If they could take another look and do it differently rather than some giant, monolithic block, it would be much better. Maybe build a pedestrian Paseo running through the middle of it.

[Pete]

Since Washington Prime sold them that land, there may be covenants preventing them from anything other than apartments.

I'm sure they don't want to compete with them for retail/restaurant tenants.

WP still owns the land along 63rd and that will be commercial use. Also the lot directly north of Whole Foods.

[Plutonic Panda]

Wouldn’t it add more business to the area though and not necessarily compete?

[JoninATX]

That's unfortunate. Hopefully no one was hurt.

[ChrisHayes]

https://www.okc.gov/home/showpublish...6V_ZiCQfbsGFeg Oklahoma City Fire Department has released their report on the fire. The cause was determined to be electrical in nature, and there were a number of fires that broke out in the building. Now that the report has been released, hopefully we'll find out within a few months how this will progress.

[Dob Hooligan]

There is a concern going around that the rebuild cost is prohibitive, and they will not be able to continue.

[Pete]

There is a concern going around that the rebuild cost is prohibitive, and they will not be able to continue.

It's Hines, one of the biggest developers in the world.

I think they'll be able to find the money.

[Dob Hooligan]

It's Hines, one of the biggest developers in the world.

I think they'll be able to find the money.

Please forgive my poor choice of words. No doubt Hines has the financial ability to rebuild. The question is whether the current market conditions support a rebuild.

[chssooner]

Please forgive my poor choice of words. No doubt Hines has the financial ability to rebuild. The question is whether the current market conditions support a rebuild.

If not, Hines won't just sit on it. They will develop it into something the market will support. But there is still a demand for high-end apartments like these, especially in that area.

[Pete]

Please forgive my poor choice of words. No doubt Hines has the financial ability to rebuild. The question is whether the current market conditions support a rebuild.

The housing market has never been tighter.

I have no reason to believe they won't rebuild as quickly as they can.

[pw405]

I understand insurance BS is going on, but I do wish they would clear the debris from the site. For the first few months after it burned, the nearby creek would was a strange color after a rain storm. Not 100% sure if it was related, but having the rain wash over the burned out debris and in to the watershed is probably not desirable.

[soonerguru]

There is a concern going around that the rebuild cost is prohibitive, and they will not be able to continue.

Is this concern being issued by the people who claimed the Canton hadn't signed any leases prior to the fire? I never bought that for a second. These large-scale apartment properties lease up almost immediately after opening.

There's still not enough supply to satiate demand for quality apartments in OKC.

[Dob Hooligan]

Is this concern being issued by the people who claimed the Canton hadn't signed any leases prior to the fire? I never bought that for a second. These large-scale apartment properties lease up almost immediately after opening.

There's still not enough supply to satiate demand for quality apartments in OKC.

Heh heh...no.

I'm not in real estate or construction. But I am old and a life-long north sider, who is in a "carriage trade" that has allowed me to know and talk to developers, etc on a regular basis.

The concern I'm hearing is that large projects that were in motion pre-pandemic, but not deeply involved in construction, are seeing real challenges to their ability to move forward. Higher interest rates and inflation are leading to project cost increases of 20% and more. This makes them need to "value engineer' some areas, but, that can cause them to lose financing from some sources. Some guys are looking at having to take on a partner who is ultimately going to take the original developer out of the project all together, or greatly reduce their equity. Bitter pill for some of these guys who are in their 50s or older, and were looking for these projects to be their big score in life.

I wish I were smarter about linking stories and highlighting. I read the Blair Humphreys press release in the Oklahoman regarding the fire department report. He said they gonna finish clean up, now that they can, and then Humphreys and their partners will begin the complex process of determining the best path forward for this prime real estate. Rebuilding, or any other plan, was not mentioned,

[Pete]

^

Just to be clear, Hines is the developer and Humphreys Capital is an investor; and there are multiple investors in Humphreys Capital's share.

Blair told me the big decisions will be made by HInes.

[Rover]

The location is prime and new class A apartment properties cannabalize from older properties anyway. This will still be a good income property. Would be shocked to see it developed as anything but apartments. If Hines is in trouble for capital then the US is in for a huge recession or depression and the property won’t be developed for many yrs unless it’s more strip retail.