Downtown Shreveport’s Petroleum Tower Lofts at 425 Edwards St. is on “go” after a Tuesday vote of the Shreveport City Council.
Councilmembers approved a Payment in Lieu of Taxes agreement for the project, estimated at $37 million.
Under the terms of the PILOT, the property will pay 10% of the property taxes that would normally be owed each year. The 20-year agreement will begin once construction is complete and a certificate of occupancy is issued.
The Illinois-based development group operating under Louisiana Historic Redevelopment I LLC closed on the Petroleum Tower, a 16-story office tower in the heart of Shreveport’s downtown Central Business District, in 2021.
The gutted and vacant building had been owned for years by Community Renewal International, which had hopes of turning it into a global renewal headquarters and training hub.
The development group purchased the building to convert it into trendy, sleek loft apartment units, the same goal of at least three other developers who had put a “hold” on the building in the years before it.
An artist drawing of the proposed Petro Tower Lofts lobby.
Courtesy Jeff Spikes, iArchitecture
The 145,000-square-foot high rise at the intersection of Texas and Edwards streets was cleared of asbestos in the early 2000s, and much of the interior office spaces were demolished, leaving floors ready for rehab.
The building, across from Regions Tower, also qualifies for state and federal historic tax credits.
The Kumars, Nand and son Shawn, live in the Chicago area and are the owners of UCA Group and Polar Properties, which together own nearly 1.6 million square feet of property. The UCA Group owns large manufacturing plants in Milwaukee, Wisconsin, Dallas, and elsewhere. Nand, a graduate of Texas Tech and an engineer by training, is owner and president of the company. Shawn runs Polar Properties, a real estate company.
“We have over 20 partial or full rehabs,” and a portfolio of single-family, townhome and condo units, Shawn told The Shreveport-Bossier Advocate.
The Kumars say the process of turning buildings around and making a positive impact in communities is one of their goals.
The Petro Tower’s original developer, N.O. Thomas, spent $3.5 million on the building in the 1950s.
The Kumars may spend 10 times that in creating 117 one- and two-bedroom market-rate units on floors 2 through 14 and commercial and retail spaces on the ground floor. The basement will hold the management offices and a business center, a pet washing station, fitness room, bicycle storage, rental storage spaces for tenants and the mechanical room.
An artist drawing of the exterior look of the Petro Tower Lofts.
Courtesy Jeff Spikes, iArchitecture
The Kumars have hired Shreveport architect Jeff Spikes to run the job for them.
Spikes says Gulf Coast Construction has been hired as the general contractor and it is already acquiring the needed equipment. Spikes believes “the fall of 2026 would be a good estimate” for apartments to become available. He says the project will likely open in phases, a floor at a time.
The Kumars also own two historic parking structures in the 300 block of Edwards that will be renovated at the same time to provide secure parking for Petro Lofts tenants.