Vacant Downtown Landmark Building to Get New Life

Exciting news from downtown Shreveport as a long-vacant building once home to offices and businesses is about to be revitalized into residential units and retail space.  The Downtown Development Authority just released details on the revitalization of the historic Petroleum Tower.

Rumors have surfaced for years about new life for the Petroleum Tower, but this time, it seems it just might be for real.

“The redevelopment of the Petroleum Tower marks a major milestone in our efforts to reimagine and reinvigorate our downtown core," said Mayor Tom Arceneaux.  “This project transforms an underutilized asset into a vibrant residential community and supports our vision for a dynamic, thriving Shreveport.”

A vibrant city needs a vibrant downtown area.  There has been a lot of hope and promises of revitalizing downtown Shreveport, mostly with the news of Millennium Studios being leased to Curtis Jackson and G-Unit Productions for a new film and television production facility.  Jackson has also purchased several properties throughout downtown, especially along the Texas Ave corridor. Read more about the properties Jackson purchased here.

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Shreveport City Councilman Gary Brooks, who represents downtown Shreveport, stated:

"As a candidate, I committed to aggressively pursuing opportunities to rejuvenate our downtown. Because what's good for downtown, is good for Shreveport as a whole. And there is nothing better for Shreveport than figuring out how to put buildings that have been empty for decades back into commerce. The Petroleum Tower Lofts project does that in all aces!"

The project is estimated to cost $30 million, and will convert the long-vacant Petroleum Tower into modern, 117 market-rate residential units, with retail space featured on the ground floor.  The city council approved the redevelopment project on March 11th.