Monday, May 20, 2024

Downtown Shreveport apartment buildings see renovations

by BIZ Magazine

Historic apartment buildings in downtown Shreveport have been fully renovated.

The $8M project was completed at the Lee Hardware and United Jewelers buildings at 719 Edwards St. The buildings were converted from industrial buildings into apartments more than two decades ago.

The Lee Hardware building, built in 1909, previously housed the Lee Dry Goods business. It was converted into 55 mixed-income loft-style apartments. The United Jewelers building, built in 1926, was turned into 51 market-rate apartments in 1999.

Renovations include upgrades to the buildings’ exterior, roofs, HVAC systems, interior unit kitchen and bathroom upgrades and landscaping/pool improvements. Amenities include covered parking, a new fitness center, a new residents’ lounge, renovated pool deck and cabana, and new energy-star appliances.

Historic tax credits, tax-exempt loans and a tax abatement from the City of Shreveport helped finance the renovation. Financial partners in the project included U.S. Bancorp Community Development Corporation, U.S. Bank, Berkadia Commercial Mortgage LLC, Louisiana Housing Corporation, the Office of Community Development and the city of Shreveport.

LHC invested $4.5 million in low-income housing tax credits.

New Orleans-based HRI Communities conducted the renovations.

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