Niketalk, This Was Likely An Insurance Job vol 65 Million Dollar OKC Apartment Complex Burns Down Weeks Before Move Ins With 0 Preleases

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Details
https://www.thecantoncc.com
The Canton at CC (www.thecantonatcc.com) are/were some luxury apartments on NW 63rd and Western, right in a part of Oklahoma City called Nichols Hills. In fact, it's its own city but it's a VERY high priced part of town literally where all the Thunder players live in fact. So there are tons of new "luxury" apartment complexes being built in OKC pushing the prices WAY over typical OKC prices (median based on 1 google and selecting the first result is 936$ for 1br, $1150 for 2 bedrooms- actually probably high but whatever). The Canton at Classen Curve (Classen Curve is an upscale shopping mall, again in NIchols Hills; also features semi siddities like West Elm, Whole Foods, etc. and the first African American owned Organic Juice Bar).

The Canton's prices are outrageously above the typical OKC income with a 3bedroom coming in at $4100, a 2 bedroom as high as $3100, 1 bedroom as high as $2100 for 800 s/ft, and a studio as high as $1425.

They were scheduled to begin moving in next month and have been preleasing up to this point. My druthers says they aren't getting all those apartments preleased at that price. I also know from someone who lives in Nichols Hills, they didn't want an apartment complex in Nichols Hills. Again this aint just any apartment complex, its gonna be a luxury one, and just going off the 3x rent rule, basically most people living there will be deep 6 figure + earners, but I could see people in multi million dollar homes feeling some kind of way about "an apartment complex" in their neighborhood.

They have been on fire 3 days, they were basically complete even to the point the sprinkler systems are installed but weren't turned on. I drove by yesterday and you can still see active fire and the Fire Chief had to bring in a demolition company to further demolish them so they can get to the hot zones.

TLDR:
Very overpriced 326 unit luxury apartment community moves into a part of OKC they might not be wanted, priced out everyone and likely unable to get all their units leased, mysteriously burns down at 99.5% complete. Seems fishy?






Some pics I took
blastercombo blastercombo a-friend a-friend storm2006 storm2006



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Anybody paying them prices to rent in OKC is wildin, so I can see the ppl in charge scrappin the whole idea once they didn’t get enough fools to bite on units
 
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Case closed! 326 units, opening in 3 weeks, 0 leases only 12 applications which they obviously
denied all of apparently

Start a fire, bring in demo crews to demokish the (still burning) evidence, collect insurance money. Go to a market that can support these rates



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This **** is crazy...

So what's the sequence of events here??

Wild to think the developers could miss this badly and force them to make this play.
 
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This **** is crazy...

So what's the sequence of events here??

Wild to think the developers could miss this badly and force them to make this play.
I should be clear this is my speculation. Of course, an "investigation " is ongoing. But the facts literally leave no other conclusions to be drawn.
 
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datznasty datznasty naw this an open and shut case dawg…one of the times when the obvious answer is the right one

Who wanna rent for that much out there and not even be in the mix? The developers probly never step foot in OKC or did any research before they started building :lol: :smh:
 
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Nichols Hills again is the uppity section of town so much so they decided to be their own city even though its like a few square miles, so the developers probably thought we'll be the first apartment complex in the Hills. Maybe people rather live in a high rise apartment complex in the parking lot of a restaurant than in a sprawling estate with acreage and possibly have a Thunder player as a neighbor.

It's not that there isn't people here who can afford it, there's money here. It's they aren't going to pay it to live there, and in an apartment. The fact they had 12 applicants and 0 preleases too makes me think they have strict eligibility requirements too like they want 3x rent plus an 800 credit score plus references plus firsh, last, and security deposit equal to the rent.

They would have had a decent chance of at least getting close if they built them downtown where all the other new overpriced, cliche, luxury apartments are (West Village, The Lift, Level, The Metropolitan, The Maywood, The Steelyards, Deep Duece) that are still 50% cheaper and IMO better location as I prefer downtown/midtown, unless you have a need to be so high NW and close to Edmond as the Thunder players do given the practice facility is up that way.


smedroc smedroc

- 2020, Someone decides it'd be a great idea to build the first luxury high rise apartments in the most elite neighborhood of OKC. 370k sq feet of living space (326 units) and 170k sq ft parking garage (600 spaces)
- Someone says never mind income and average prices in the area, reach for the sky with these, they're in Nichols Hills! and overprices badly
- Begin marketing in 2021 or so I've known about them, build the website, begin accepting preleases, social media, etc. www.thecantoncc.com
- Scheduled grand opening/move in March 1
- Obviously crickets
- Someone at a building/hq/corp. not in OKC says damn, we have 0 preleases and we open in 3 weeks. We are over 65 million in on those!
- Someone does the market research (that they obviously should have done prior)... "How much are we charging for the 3 boss, 4,000? Yea average out in OKC is about 1400. 4 bedroom homes in a mile radius of our spot go for half. We open in 3 weeks and have zero preleases."... "Damn, we're not going to get our money back. ".... "What are we gon' do?"... "I have an idea" ( RustyShackleford RustyShackleford )





torchys.JPG


b5b5fb0f-9546-4030-b6bc-de848f487efa-Fire_01.jpg

2eafe0e9-208b-4a52-b337-7a81be6ba545-001.jpg

61398aa0-f838-46f8-b810-6d5643223e9f-DroneCantonAptfire8Feb20223.jpg

a56a6b72-825d-4106-930d-80ac43248165-Fire_07.jpg

70c747e8-5b0b-4739-a09c-d807189aa043-Fire_09.jpg


- Tuesday, a small fire mysteriously starts which quickly turns into a 5 alarm oh **** fire.
- Thursday, CSM Willowbrook decides to send in THEIR OWN demo crew to demo parts of the building (while it's still on fire and being worked by the F.D) to make it easier for them to get to the fire, not to destroy any evidence
- Also yes, they been on fire for 5 days in the parking lot of a restaurant called Torchy's and I believe is still burning or was as of last night
p_claim_504243120.jpg
 
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datznasty datznasty I was thinking they might have got ****ed on material costs cause of supply chain issues but to overlook local market trends is the dumbest **** ever :smh:
 

RustyShackleford

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Nichols Hills again is the uppity section of town so much so they decided to be their own city even though its like a few square miles, so the developers probably thought we'll be the first apartment complex in the Hills. Maybe people rather live in a high rise apartment complex in the parking lot of a restaurant than in a sprawling estate with acreage and possibly have a Thunder player as a neighbor.

It's not that there isn't people here who can afford it, there's money here. It's they aren't going to pay it to live there, and in an apartment. The fact they had 12 applicants and 0 preleases too makes me think they have strict eligibility requirements too like they want 3x rent plus an 800 credit score plus references plus firsh, last, and security deposit equal to the rent.

They would have had a decent chance of at least getting close if they built them downtown where all the other new overpriced, cliche, luxury apartments are (West Village, The Lift, Level, The Metropolitan, The Maywood, The Steelyards, Deep Duece) that are still 50% cheaper and IMO better location as I prefer downtown/midtown, unless you have a need to be so high NW and close to Edmond as the Thunder players do given the practice facility is up that way.


smedroc smedroc

- 2020, Someone decides it'd be a great idea to build the first luxury high rise apartments in the most elite neighborhood of OKC. 370k sq feet of living space (326 units) and 170k sq ft parking garage (600 spaces)
- Someone says never mind income and average prices in the area, reach for the sky with these, they're in Nichols Hills! and overprices badly
- Begin marketing in 2021 or so I've known about them, build the website, begin accepting preleases, social media, etc. www.thecantoncc.com
- Scheduled grand opening/move in March 1
- Obviously crickets
- Someone at a building/hq/corp. not in OKC says damn, we have 0 preleases and we open in 3 weeks. We are over 65 million in on those!
- Someone does the market research (that they obviously should have done prior)... "How much are we charging for the 3 boss, 4,000? Yea average out in OKC is about 1400. 4 bedroom homes in a mile radius of our spot go for half. We open in 3 weeks and have zero preleases."... "Damn, we're not going to get our money back. ".... "What are we gon' do?"... "I have an idea" ( RustyShackleford RustyShackleford )





torchys.JPG


b5b5fb0f-9546-4030-b6bc-de848f487efa-Fire_01.jpg

2eafe0e9-208b-4a52-b337-7a81be6ba545-001.jpg

61398aa0-f838-46f8-b810-6d5643223e9f-DroneCantonAptfire8Feb20223.jpg

a56a6b72-825d-4106-930d-80ac43248165-Fire_07.jpg

70c747e8-5b0b-4739-a09c-d807189aa043-Fire_09.jpg


- Tuesday, a small fire mysteriously starts which quickly turns into a 5 alarm oh **** fire.
- Thursday, CSM Willowbrook decides to send in THEIR OWN demo crew to demo parts of the building (while it's still on fire and being worked by the F.D) to make it easier for them to get to the fire, not to destroy any evidence
- Also yes, they been on fire for 5 days in the parking lot of a restaurant called Torchy's and I believe is still burning or was as of last night
p_claim_504243120.jpg
I understand why you mentioned me given my previous jokes

But this joint reads like I be supporting arson in the name of insurance fraud :lol: :lol:
 

RustyShackleford

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If someone did torch the building, I wish it they hadn't gone that route

Let capitalism punish them

They take a lost on the building, sell it, then rent gets lowered to the market price and there are 300 plus more housing units in an area
 
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Nah I understand arson is different than driving your car into a deep puddle or having someone steal it and part it out to try to stick it to the insurance companies the way they stick it to their customers.

I put a few minutes extra work in the op with the informative links and i didnt want to see it die or go to waste. Maybe some bored lurker clicks around and then decides hell maybe I'll give OKC a look and comes here. storm2006 storm2006
 
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It's a boojie taco place. I have never been I don't really fw that part of town. But yea last update I heard they were investigating into the cause of the fire and expect it to take several weeks. Investigators are using debri (that it burned, soaked, and demolished) as that's all the material they have.
 
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Were you involved OP? The great Kia insurance fraud posts point to yes but DUE PROCESS MUST PREVAIL
lol I don't even fw that part of town really. a-friend a-friend might know something.

The funny thing though, is the insurance company gotta write a BIG check. The nearly luxury hotel suffered so much physical smoke damage they had to close for the foreseeable future, so they can also sue for lost income. Looks like their weekday rates go from $180 to $350, probably add 30% for weekend rates. Other businesses probably gonna jump on the bandwagon too



 
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but Kia readily produced and sold me a ****ty car (which the previous models have since been recalled) and failed to honor their "World's Best Warranty," I had a legitimate gripe. I was $21,000 upside down on the trade in since i only got 7k for a new, but not working, Kia Optima EX Hybrid with every upgrade checked except the white leather seats. I hadn't even owned that girl for a year iirc.

This company just built a 65million dollar apartment complex and charged prices so outrageous that they drummed up 0 preleases while scheduled to open in a few weeks. So they were obviously on pace to lose money

"Something" happened and a fire started that burned for days, and literally while the fire was going the construction company was allowed to demolish the building

So you been burnt down for like a whole week, multiple MILLIONS of GALLONS of water doused, on it for a week, and professionally demolished.

How is an insurance adjuster/investigator from Geico going to show up and prove it though? You could have had the most amateur person poor gas from a gas can and light a match then run and drop a piece of paper that says "How to burn down a building,", all evidence is gone gone. **** is just a pile of rubble. I'll drive by there and see how it looks today
 
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lol I don't even fw that part of town really. a-friend a-friend might know something.

The funny thing though, is the insurance company gotta write a BIG check. The nearly luxury hotel suffered so much physical smoke damage they had to close for the foreseeable future, so they can also sue for lost income. Looks like their weekday rates go from $180 to $350, probably add 30% for weekend rates. Other businesses probably gonna jump on the bandwagon too





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