Downtown Shreveport redevelopment project moves closer to construction following State Bond Commission preliminary approval.
The redevelopment of the decades-long vacant historic Petroleum Tower Lofts project reached another significant milestone this week as the Louisiana State Bond Commission voted Thursday to grant preliminary approval of the taxable bond financing for the transformative downtown development project.
Representatives from the Downtown Development Authority (DDA), DDA Board member Edward Taylor, CFO of the Petro Lofts Project Naganat Guru, NWLFA counsel Mike Busada, along with downtown legislators Senator Sam Jenkins and Representative Steven Jackson, attended the State Bond Commission meeting to express their strong support for the project and to provide clarification and assistance in response to questions regarding the redevelopment plan and financing structure.
In advance of the official meeting, the DDA gathered letters of support from the community, like the Greater Shreveport Chamber of Commerce, and hosted an informational briefing for members of the Northwest Louisiana legislative delegation and State Bond Commission, providing background on the project and outlining key components of the redevelopment strategy ahead of formal consideration.
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.
Guru expressed appreciation to the City of Shreveport, including the Mayor and City Council, particularly for their support in securing last year’s PILOT program agreement, as well as to the Downtown Development Authority for its continued partnership and assistance in advancing the project toward completion..
“Over the last year, we have made major advancements toward the financing with the help of Mayor Arceneaux and the Shreveport City Council,” said 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 DDA and are very appreciative of the support.”
The developers purchased the building in 2021 after it had been out of commerce for nearly 30 years, but encountered challenges securing traditional financing options for the redevelopment. After connecting with the DDA and Executive Director Cedric B. Glover, the project gained significant momentum.
“This project represents the type of partnership the DDA brings to assist developers and the transformational investments that continue to build momentum in Downtown Shreveport,” said Cedric B. 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 development is supported through a combination of bond financing, private equity, and state and federal historic tax credits.
The final State Bond Commission meeting regarding the project is scheduled for next month, with developers hopeful that construction could begin as early as July.
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.
Project completion is currently projected for December 2027.
