New Life for Petroleum Tower: $30 Million Redevelopment Investment Announced for Downtown Landmark
Shreveport DDA Executive Director Cedric B. Glover announced today that thanks to the visionary leadership of Mayor Tom Arceneaux and the Shreveport City Council, a long empty downtown tower that legendary mid-century Shreveport developer, N.O. Thomas, once crowned as “Shreveport’s Best Address”, is once again stepping up to compete for that title.
“The redevelopment of the Petroleum Tower marks a major milestone in our efforts to reimagine and reinvigorate our downtown core,” said Mayor Tom Arceneaux. “This project transforms an underutilized asset into a vibrant residential community and supports our vision for a dynamic, thriving Shreveport.”
This $30 million investment, led by Louisiana Historic Development, LLC, will convert the long-vacant Petroleum Tower into 117 modern, market-rate residential units, with the ground floor bringing new energy with retail space that will strengthen downtown activity. This project reflects a strong commitment to economic growth and the renewal of key urban spaces. On March 11, the Shreveport City Council unanimously approved the redevelopment, showing broad civic support for this significant investment in the city’s future.
Councilman Gary Brooks reinforced the importance of this investment, stating, “As a candidate, I committed to aggressively pursuing opportunities to rejuvenate our downtown. Because what’s good for downtown, is good for Shreveport as a whole. And there is nothing better for Shreveport than figuring out how to put buildings that have been empty for decades back into commerce. The Petroleum Tower Lofts project does that in all aces!”
“This is the type of progressive leadership that we need.” stated Council Chairwoman Tabatha Taylor. “Downtown is the core and foundation of our city and I am excited that the DDA has a leadership team headed by Mr. Glover that is working with the administration, city council and developer community to evolve and revitalize it.”
The Shreveport Downtown Development Authority, a key advocate for downtown revitalization, has long supported efforts to breathe new life into underutilized spaces. The DDA focuses on attracting investment, promoting business growth, and enhancing the livability of downtown.
“The Petroleum Tower project is not just about new construction—it’s about breathing new life into a piece of Shreveport’s history,” said Cedric B. Glover, Executive Director of the Shreveport DDA. “By restoring a long-vacant building and repurposing it as a much needed residential and retail space, we’re making a clear commitment to the future of our downtown. This project will renew the area, create lasting opportunities, and lay the foundation for the continued evolution of our community.”
The Petroleum Tower redevelopment not only expands housing options but also enhances the walkability and appeal of downtown. The project reflects the broader commitment to preserving its historic character while embracing modern growth and innovation. There will not be a long wait as the project is scheduled for construction to begin within the next three months.
“This is more than a construction project—it’s a step toward building a stronger, more connected Shreveport,” added Economic Development Director Bill Sabo. “This is a significant investment in downtown and what we hope will be just the beginning as developers start to see its potential.”
The City of Shreveport and the Shreveport Downtown Development Authority remain committed to fostering a dynamic and economically sustainable downtown. This project represents a significant step toward ensuring that downtown continues to evolve as a premier destination to live, work, and invest.
