The lookout on Waldo Mountain has been wrapped to protect it from the Cedar Creek Fire, which started in the Waldo Lake Wilderness on August 1. The lookout was built in 1957. It is no longer staffed, but the Forest Service decided to wrap it in fire protection anyway.
UPDATE 1: On August 11 they posted a timelapse video on YouTube:
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Update 3: The nearby Huckleberry Mountain lookout has also been wrapped.