$30 million redevelopment investment for downtown landmark

One of downtown Shreveport’s iconic buildings, the Petroleum Tower, which has stood empty for many years, will soon have renewed purpose. What was once home to many oil-and-gas-related businesses will soon be converted into apartments for residential living.

In early 2021, an Illinois-based development group, operating under Louisiana Historic Redevelopment, LLC, closed on the 16-story glass-and-steel structure. Once advertised as “Shreveport’s Best Address,” the Petroleum Tower will soon be transformed into 117, market-rate residential units.

On March 11, the Shreveport City Council unanimously approved the $30 million redevelopment project, showing broad civic support for this investment in the city’s future.

To help out with financing, the city council approved a Payment in Lieu of Taxes (PILOT) agreement for the project. Under the terms of the PILOT, the property will pay 10% of the property taxes that would normally be owed each year. The 20-year agreement will begin once construction is complete and a certificate of occupancy is issued.

The building also qualifies for state and federal historic tax credits.

“Petroleum Tower was developed and constructed by N.O. Thomas. N.O. Thomas is a rather renowned local developer” who also designed such local structures as the Beck Building, Government Plaza and several residential neighborhoods, said Cedric Glover, executive director of the Downtown Development Authority. “It eventually became the downtown headquarters of Louisiana Bank & Trust.”

It was acquired by Community Renewal International with the intent of turning it into their national headquarters and training center. Many of the interior office spaces were gutted to make way for future rehabilitation.

Southern University-Shreveport worked in conjunction with Community Renewal to conduct an asbestos abatement training and certification program. Students at Southern used the Petroleum Tower to train in the removal of asbestos, clearing out the harmful substance from the building.

With the Petroleum Tower now gutted and cleared of asbestos, the conversion work can now begin. “There will be 117 market-rate units,” Glover said. The units will consist of one- and two bedroom spaces, while the basement will contain the management offices, a business center, a fitness room, bicycle storage, a pet washing station, rental storage space for tenants and the mechanical room.

“There’s the intent to have ground- and likely mezzanine-level commercial space. They’ve also made provision to address parking needs and concerns by also acquiring 309 and 311 Edwards Street.”

Work on the $30 million project is expected to begin within the next six months with completion expected sometime in 2026, according to Glover. “And their desire, if possible, is to be able to open units as soon as they are available while they continue to go through the renovation process.”

The Downtown Development Authority, a key advocate for downtown revitalization, has long supported efforts to breathe new life into underutilized space. The DDA focuses on attracting investment, promoting business growth and enhancing the livability of downtown.

The Petroleum Tower redevelopment not only expands housing options, but also enhances the walkability and appeal of downtown. The project reflects the broader commitment to preserving its historic character white embracing modern growth and innovation.

The city of Shreveport and the DDA remain committed to fostering a dynamic and economically sustainable downtown. This project represents a significant step toward ensuring that downton Shreveport evolves as a premier destination to live, work and invest.