The Canton ( formerly Residences at Classen Curve)

[OKC_Chipper]

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

This is just completely wrong. They already own the land so you’re probably looking at $150k-$170k per unit to build them and they’ll be easily worth $210k a unit once stabilized. Now they might not rebuild for other reasons but it won’t be cost. There’s class A apartments being built all over town.

[BG918]

This is just completely wrong. They already own the land so you’re probably looking at $150k-$170k per unit to build them and they’ll be easily worth $210k a unit once stabilized. Now they might not rebuild for other reasons but it won’t be cost. There’s class A apartments being built all over town.

I would say closer to $230k per unit to build these. Costs have gone up dramatically in the past year.

[DowntownMan]

I would say closer to $230k per unit to build these. Costs have gone up dramatically in the past year.

I’m sure insurance was at replacement cost, surely? I don’t know much about commercial property insurance however.

[Jersey Boss]

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.

Ok so channel 9 and 25(citing Greystar the leasing company) said only 12 pre leases prior to the fire. Was there ever official change of that info?

https://www.google.com/amp/s/okcfox....gation-ongoing

[Pete]

^

That was very misleading. They weren't even open yet.

No question that they would have had that place full in no time.

[Urbanized]

Twelve pre-leased units at a property that couldn’t even be shown yet actually sounds pretty strong to me.

[Pete]

I was told they are still working through the insurance issues and no decisions have been made about rebuilding, whether it be the exact same plan or slightly different.

They don't even know if they can use the foundation and parking garage, or if one or both will have to be completely removed.

[jn1780]

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.

Electrically energized neutral. Whoops!

Did OGE turn the power on that night?

[shawnw]

So who takes the blame? The electrical contractor? OG&E? The city?

[Pete]

Blame is a matter for the insurance company.

They still have to settle with the developers and then they can try to recoup some of the cost if they think there is a legal path to doing so.

[IKnowThings]

I was told they are still working through the insurance issues and no decisions have been made about rebuilding, whether it be the exact same plan or slightly different.

They don't even know if they can use the foundation and parking garage, or if one or both will have to be completely removed.

They are going to rebuild and they are going to reuse all the remaining structures. The city is also keeping the existing permits since they were never finaled.

[David]

I like the sound of that, though I would like it even more if it was verifiable.

[PaddyShack]

I like the sound of that, though I would like it even more if it was verifiable.

But it's in their name: "IKnowThings"...

[soonerguru]

They are going to rebuild and they are going to reuse all the remaining structures. The city is also keeping the existing permits since they were never finaled.

Best username ever!

[PhiAlpha]

Best username ever!

Does he drink and know things?

[therhett17]

http://https://kfor.com/news/local/u...e-for-auction/

Does this mean they’re not planning to rebuild?

[Pete]

Just traded texts with Blair Humphreys.

The auction will have no impact on future plans. It's necessary as part of the insurance settlement process.

He also said no final decision has been made regarding the rebuild plans. But added that there would be efficiencies in reusing the design and engineering work.


Sounds like the parking garage will stay.

[Plutonic Panda]

From news 9:

The Canton Apartment developers said the statement they sent News 9 in the summer still stands.

“Humphreys Capital and our trusted development partners are beginning the complex process of evaluating our options for this prime location.”

- https://www.news9.com/story/6387eb1f...up-for-auction

[Pete]

They've cleared the foundations and all the plumbing and also cleaned/covered the scorch marks on the parking garage:

[Bowser214]

I wonder when we'll hear updates on this project?

[Pete]

$60 million lawsuit filed against OG&E for apartment fire

Following an intense fire, the owners of a large apartment complex and its insurance companies have filed a $60 million lawsuit against OG&E and its subcontractor.

The fire erupted in the early evening hours of February 2nd, 2022 at The Canton apartments at Classen Curve. The large complex near NW 63rd and Western was nearing completion and was pre-leasing units.

By the following morning, the building was a total loss apart from a concrete parking structure. The fire had been so intense it caused the closing of the neighboring Ellison Hotell which required cleanup from the extensive smoke.

Other than cleanup, nothing has happened at the site since.

On Wednesday, the owners and their insurance company filed a $60 million lawsuit against OG&E and its subcontractor, Red Dirt Electric based in Kingfisher.

The lawsuit claims gross negligence in failing to properly connect power to the building on behalf of both OG&E and Red Dirt.

It also claims that a post-fire investigation identified that the fire originated in several areas inside the attic space as a result of an electrical fault. It goes on to claim that a hot conductor was connected to the building's neutral conductors.

OG&E and Red Dirt have yet to file a response to the lawsuit.

The Canton was to be a five-story, 325-unit luxury apartment complex with two interior courtyards and a structured parking garage.

[chssooner]

I hope this gets figured out soon. That is such a prime piece of land.

[gopokes88]

Probably won't be figured out soon.

Lawsuit was probably necessary to trigger the bonding and insurance on OG&E and Red Dirt.

[SEMIweather]

I hope this gets figured out soon. That is such a prime piece of land.

$60 million lawsuit means this will almost certainly not be figured out soon.

[Anonymous.]

Imagine being one of the guys who wired this complex. I wonder where they are today.