SHREVEPORT, La. (KSLA) – On Friday, May 22, the Shreveport Downtown Development Authority (SDDA) annouced they were granted preliminary approval of the taxable bond financing for a downtown development project.
The Louisiana State Bond Commission (LSBC) granted the SDDA preliminary approval on May 21 to begin financing the redevelopment of the decades-long vacant historic Petroleum Tower to be turned into housing.
“The approximately $30 million redevelopment project will transform the long-vacant 16-story Petroleum Tower into 117 market-rate residential units with dedicated parking, ground-floor commercial and retail space, and modern resident amenities. The project continues to be viewed as a major investment in the future growth and revitalization of Downtown Shreveport”, says the SDDA. “In addition to the 117 one, two, and three bedroom residential units, the redevelopment plan includes tenant amenities such as a fitness room, business center, bicycle storage, pet washing station, additional storage space, and dedicated tenant parking.”
Before the meeting on May 21, the SDDA gathered letters of support from the community, including the Greater Shreveport Chamber of Commerce.
They also hosted an informational briefing for members of the Northwest Louisiana legislative delegation and LSBC, giving background on the project and outlining key components of the redevelopment strategy ahead of the official meeting.
The developers purchased the building in 2021 after it hadn’t been used in nearly 30 years, but encountered challenges getting traditional financing options for the redevelopment. After connecting with the SDDA and Executive Director Cedric B. Glover, the project gained significant momentum.
“Over the last year, we have made major advancements toward the financing with the help of Mayor Arceneaux and the Shreveport City Council,” said CFO of the Petro Lofts Project, Naganat Guru. “The Downtown Development Authority, specifically with Cedric Glover’s involvement, has been a great boon for us and the project overall. We have formed an excellent partnership now with the SDDA and are very appreciative of the support.”
This project is funded through a combination of bond financing, private equity, and state and federal historic tax credits.
“This project represents the type of partnership the SDDA brings to assist developers and the transformational investments that continue to build momentum in Downtown Shreveport,” said Glover. “The Petroleum Tower redevelopment will not only bring new housing opportunities downtown, but will also reactivate one of Shreveport’s most recognizable buildings and further strengthen the energy of our downtown core.”
The final LSBC meeting for the project is scheduled for June, with developers hopeful that construction could begin as early as July.
The project is set to be completed in December 2027.
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