With all the hype about the Cross Bayou Point project, a key factor has seemingly been overlooked. Where will the city of Shreveport find the money to put together the 88 acre tract the developers have identified as the project footprint?
Currently, the city has approximately $2.8 million in unspent bond funds that were for the purchase of green space and parks along Cross Bayou. The city does has purchased various parcels along the bayou.
However, most of the property needed for the project is still owned privately.
Like the old federal building in the 500 block of Fannin, which is listed for sale at $3 million. Another property is a building at 506 Common that recently sold for $600,000.
Then there is the AEP/SWEPCO dispatch center. And the scrapyard on McNeil owned by General Scrap. The Caddo Commission also has property on McNeil.
Shreveport's financial cupboard is bare. It is very, very unlikely that the 88-acre tract required by the developers can be "assembled" by the city. So why spin more wheels in even thinking about this development?