The State Bond Commission took a major step yesterday towards revitalizing downtown Shreveport, approving $75 million in lease revenue bonds for the development of the new Northwest Louisiana State Office Building. This approval, which is part of a projected $100 million investment, helps pave the way for the renovation of the former federal building located in downtown Shreveport.
Last month, the commission deferred the decision to allow time for additional analysis on the cost breakdown, cost per square foot, and debt service payments by state agencies. During today’s meeting, Roger Husser, Director of Facility Planning and Control, presented a comprehensive report addressing these concerns, which satisfied all commission members. “We had a lot of questions in the last meeting about the project’s cost, but the data provided this time has answered those questions,” Representative Tony Bacala remarked.
Louisiana State Treasurer and Bond Commission Chairman John Fleming emphasized the significance of the project for both the state and downtown Shreveport. “And it makes a lot of sense to be able to reuse a building that, even if it’s not now, could be blight eventually.” He continued by stating “anytime you can renovate an existing building, bring it up to standard and code, that’s an advantage over having to build from the ground up or tearing down and rebuilding.” The commission’s unanimous approval highlights the broad support for this downtown development.
Cedric B. Glover, Executive Director of the Downtown Development Authority, would like to thank Chairman Fleming and the members of the Bond Commission for their unanimous approval. He attributed the successful outcome to the thorough report presented by Roger Husser, Director of the Office of Facility Planning and Control, which provided the necessary clarity and detail to move the project forward.
“This is a win for downtown Shreveport and a turning point for the area,” said Glover. “Bringing this building back into commerce after being empty for 30 years is a tremendous step forward. With the addition of the Northwest Louisiana State Office Building, every level of government will now call downtown Shreveport home, further cementing its role as the center of our region’s civic life. We hope this project will serve as a catalyst for continued revitalization and growth in the downtown area.”
Once renovations are complete, the former federal building at 500 Fannin St. in downtown Shreveport will become the new Northwest Louisiana State Office Building. The facility will serve as a hub for state government offices, offering modern, centralized spaces to improve the delivery of services to the region.
