Downtown Shreveport is seeing continued investment with two major residential projects moving forward, highlighting downtown Shreveport’s ongoing revitalization.
Redevelopment Update: Petroleum Tower
The Petroleum Tower project reached a key financing milestone this week, bringing the long-anticipated redevelopment one step closer to construction. The Northwest Louisiana Finance Authority (NWLFA) granted preliminary approval for a financing structure that would allow taxable bonds to be issued by the developer positioning the redevelopment into its next phase. The State Bond Commission is expected to consider final approval on March 19.
The approximately $30 million investment will transform the long-vacant 16-story office tower into 117 market-rate residential units with 80 spaces of dedicated parking and is supported by a combination of bond financing, private equity, and state and federal historic tax credits.
Cedric B. Glover, Executive Director of the Downtown Development Authority, emphasized the significance of the milestone and the growing demand for downtown living.
“Downtown Shreveport is attracting people who want to live, work, and experience daily life in the city center,” Glover said. “Seeing this financing step move forward is meaningful because the demand for downtown housing continues to grow. Expanding our residential base has been a clear priority for the DDA, and the Petroleum Tower project is another important addition to our downtown community.”
In addition to the 117 one and two bedroom units, the redevelopment will include ground-floor commercial and retail space, along with amenities such as a pet washing station, business center, bicycle storage, fitness room, additional storage space, and dedicated tenant parking.
Construction is expected to begin this spring, with completion projected for December 2027.
Expanding Senior Housing: Bayou Grande Apartments
In addition to market-rate residential growth, downtown Shreveport will see new affordable housing for seniors through the Bayou Grande apartment development. This next phase,”Millennium Project IV”, will add 70 units specifically for residents 62 and older.
Funded in part by a $24.2 million HUD Choice Neighborhoods Grant, Bayou Grande continues to attract strong interest, with the first two phases nearing full occupancy. The new phase, located on Christian Street at Caddo, will feature 56 one-bedroom and 14 two-bedroom units, along with amenities including a community lounge with café, business center, fitness area, media room, bicycle parking, and a small dog park.
“Affordable senior housing is a vital piece of downtown’s growth,” Glover said. “By providing safe, accessible, and well-equipped homes for senior residents, we’re helping ensure that downtown remains a diverse and thriving community for generations to come.”
The project is led by Texas-based ITEX in partnership with the Shreveport Housing Authority and the City of Shreveport. To maintain affordable rents, the team requested extended tax incentives, allowing seniors on fixed incomes to access high-quality housing. With the approval of NWLFA, construction is slated to begin April 1, with completion planned in Summer 2027.
Both the Petroleum Tower and Bayou Grande projects highlight the growing momentum in downtown Shreveport. The Downtown Development Authority supports developers, businesses, and investors who are interested in being part of this community. For those looking to invest or develop in the city center, the DDA is available to provide guidance and partnership opportunities to help bring new projects to life.
