SHREVEPORT, La. — The redevelopment of the long-vacant Petroleum Tower in downtown Shreveport moved closer to construction this week after the Louisiana State Bond Commission granted preliminary approval for taxable bond financing tied to the project.
The approximately $30 million Petroleum Tower Lofts redevelopment will convert the 16-story building into 117 market-rate residential units with ground-floor commercial space, tenant parking and resident amenities.
Representatives from the Downtown Development Authority, project developers and Northwest Louisiana lawmakers attended Thursday’s State Bond Commission meeting in support of the project and its financing structure. Supporters also submitted community backing from organizations including the Greater Shreveport Chamber of Commerce.
Developer Naganat Guru said the project gained momentum over the past year with assistance from the city and downtown development officials.
“Over the last year, we have made major advancements toward the financing with the help of Mayor Arceneaux and the Shreveport City Council,” Guru said. “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.”
Developers purchased the building in 2021 after it had remained out of commerce for nearly three decades. The project later secured support through the city’s PILOT agreement program and partnerships with the Downtown Development Authority.
“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, executive director of the Downtown Development Authority. “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 financing package includes bond financing, private equity and state and federal historic tax credits.
Plans for the redevelopment include one-, two- and three-bedroom apartments, along with amenities including a fitness center, business center, bicycle storage, pet washing station and additional storage space.
Developers said a final State Bond Commission meeting is scheduled for next month, with construction potentially beginning in July. Completion is projected for December 2027.