Future unsure for Capitol One Tower as insurance coverage course of performs out | Native

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The Capitol One Tower, an iconic landmark in downtown Lake Charles for practically 40 years, stays in main disrepair after a lot of the skyscraper’s emerald glass home windows had been blown out by Hurricane Laura’s 150-mile-per-hour winds final August. Officers with the group that owns the constructing mentioned they’re working with their insurance coverage firm, however progress has been gradual going.

Hertz Funding Group, a Los Angeles-based actual property agency, has owned the 22-story, 358,000-square-foot tower since 2007. Zev Hertz, chairman, mentioned in an announcement launched Friday that the group has been working with Zurich, its insurance coverage firm, since Hurricane Laura’s landfall.

“Sadly, it has been a really gradual and arduous course of,” he mentioned. “As quickly as we’re in a position to full this course of, we’ll be capable to transfer ahead.”

Robert Licht, Hertz Funding Group’s chief monetary officer, mentioned the agency desires to maneuver ahead with the constructing and acknowledged it has change into “an eyesore locally” since Laura’s landfall.

“With a lot uncertainty, we don’t but know what the long run holds,” he mentioned. “For now, we’re in a holding sample. At this level, the insurance coverage provider must dwell as much as their settlement contained within the coverage.” 

Hertz mentioned the Capitol One Tower suffered considerably extra injury than the mixed injury completed to its New Orleans properties after Hurricane Katrina’s 2005 landfall. Hertz is among the largest workplace landlords in New Orleans.

The tower had 73 tenants when Hurricane Laura made landfall. At this time, it’s unable to be occupied.

Lake Charles Mayor Nic Hunter mentioned town wish to see the tower repaired and put again into use. Nevertheless, he mentioned town will do what is critical in order that the constructing doesn’t proceed to take a seat in its present situation over the long-term. Metropolis officers are speaking with Hertz officers, Hunter mentioned.

“As iconic as it’s, and as a lot because it pains me to say this, I’d a lot moderately or not it’s torn down than sit in that state for an prolonged time period,” Hunter mentioned.

Having the tower keep in disrepair for months on finish can be a “horrible reminder” of Hurricane Laura’s destruction, Hunter mentioned. He in contrast it to the previous Harrah’s On line casino parking storage, which was broken by Hurricane Rita again in 2005. It’s simply now present process repairs in reference to the $20 million Port Marvel lakefront mission, which broke floor June 30.

“Each time you drive into Lake Charles, it’s the very first thing you see,” the mayor mentioned of the tower. “We don’t wish to create a brand new state of affairs like that.” 

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