Momentum continues to build for one of Downtown Shreveport’s most anticipated redevelopment projects.
This week, the Downtown Shreveport Development Corporation (DSDC) hosted a welcome dinner at the historic Remington Suite Hotel & Spa for the Petro Tower Lofts development team as they spend the week in Shreveport finalizing plans ahead of the project’s anticipated construction.
The evening celebrated not only the progress of the redevelopment, but also the partnerships that have helped move the long-awaited project from vision to reality. Once complete, the approximately $30 million redevelopment will transform the long vacant Petroleum Tower into 117 market-rate apartment homes, dedicated tenant parking, ground-floor commercial space, and modern resident amenities, bringing new life to one of downtown’s most recognizable landmarks.
Earlier this year, representatives from the DDA traveled to Baton Rouge to support the project during the Louisiana State Bond Commission’s approval process. Along with the financing support provided by the Northwest Louisiana Finance Authority (NWLFA), these milestones have helped move the redevelopment into its final stages before construction.
During the evening, project leaders Naganat Guru and Nand Kumar expressed their appreciation to City of Shreveport Mayor Tom Arceneaux, and DDA Executive Director Cedric B. Glover for their continued partnership throughout the redevelopment process and their leadership.
“This is an ideal building site for our investment. We are bringing an historic building back to life and this city is moving forward,” said Nand Kumar. “We like what we see in Shreveport — the cleanliness of downtown, the growth we’ve seen with investments from other companies like Amazon and others, and the support from local leadership, like the DDA and Mayor of Shreveport, who have been instrumental in getting this deal done.”
Naganat Guru added,
“This is the best example of a successful public-private partnership; it’s one that allows us to maximize the incentives offered from both a federal and state level and that does not come at great cost to a local community. We want the project to be profitable while doing something good for the city at the same time.”
Guests also heard remarks from Director Cedric B. Glover, Mayor Arceneaux, Shreveport City Council Chairwoman Tabatha Taylor, Councilman Gary Brooks, and DDA Board Chairman Drayden Dunn, each emphasizing the importance of the Petro Tower Lofts redevelopment as another transformational investment in Downtown Shreveport.
“Projects like Petro Tower Lofts demonstrate what can be accomplished when developers, community leaders, and public partners share a common vision for the future of downtown,” said Cedric B. Glover, Executive Director of the Downtown Development Authority. “This redevelopment represents far more than the restoration of a historic building – it reflects the continued confidence in Downtown Shreveport as a place to live, invest, and build for the future. We are excited to see this project moving into its next phase and look forward to construction getting underway.”
The celebration was made even more memorable thanks to two outstanding downtown destinations. Held inside the beautifully restored Remington Suite Hotel & Spa, the evening showcased the hospitality and character that define Downtown Shreveport. Guests enjoyed a dinner expertly prepared by Chef Jasmine Cherry and the talented team from Noble Savage, whose Southern-inspired menu perfectly complemented the occasion.
Together, these two downtown businesses helped create an evening that celebrated not only the progress of an important redevelopment project, but also the collaboration, investment, and momentum shaping the future of Downtown Shreveport.
As the Petro Tower Lofts project moves closer to construction, excitement continues to grow for the impact it will have on downtown’s residential population, commercial activity, and long-term revitalization. The redevelopment builds upon the strong foundation of Downtown Shreveport while creating new opportunities for people to live, work, invest, and experience our city center.
