1229 Texas Ave, Shreveport, LA, United States 71101
Asking Price: $288,000
This redevelopment opportunity has been verified with the State of Louisiana as potentially qualifying for Historic Tax Credits (HTCs). 1239 Texas Avenue (separately listed) may also qualify for HTCs, which provides upwards of approximately 55,000 sq. ft. for redevelopment. In addition, both 1229 and 1239 Texas Avenue are located in a qualified census tract for New Market Tax Credits (NMTCs). Layering the potential capital stack with HTCs and NMTCs provides significant, below market capital for a redevelopment. Historic mixed-use redevelopment opportunity. approximately 36,000 Gross sq. ft. & 27,000 usable sq. ft. 6000 sq. ft. mezzanine overlooks the first floor, approximately 3,000 sq. ft. in three ancillary buildings (could demolish for additional parking). Attractive $11.11/usable sq. ft. price provides substantial upside.
Purchase 1239 Texas Avenue @ $15.00/sq. ft. for an additional 28,000 sq. ft. – reopen a sealed breezeway between 1229 & 1239 to connect all three buildings. Open floor plan provides flexibility (office/multi-family/retail/event space). Ample surface parking wraps around all three buildings. Rooftops could be converted into usable terraces with downtown views. Original, antique elevator car is not operational. Potential for an even larger redevelopment w/adjacent property owners. Zones D-1CMU (Downtown Commercial Mixed-Use Sub-District). $288,000 asking prices for 1229 Texas; $420,000 asking prices for 1239.
- Total Sq. Ft. - 36000 sq. ft.
- Total Rentable Sq. Ft. - 27000 sq. ft.
- Total Available Sq. Ft. - 36000 sq. ft.
Trent Siskron ( email ) • ReAlta Real Estate Services