With much fanfare it was announced in March of this year that Petroleum Tower in downtown Shreveport was set undergo a $30 million redevelopment. The DDA announced that the renovation project would introduce a mix of residential and retail space.
The long-vacant structure on the corner of Texas and Edward Streets was to converted into 117 modern, market-rate residential units with retail space on the ground floor.
The Shreveport City Council approved in March a Payment in Lieu of Taxes (PILOT) agreement for the project. Under the PILOT terms, 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 issued.
This building was acquired in early 2021 by Louisiana Historic Redevelopment LLC, an Illinois-based development group.
In March of this year it was reported that work on the project was expected to being in six months with completion sometime in 2026. This timeline for the construction start-up is still open, however reports are that the financing for this project is not yet in place.
Previous owners of this sixteen story building gutted the interior in plans for development and removed the asbestosis. The building owners also have acquired two structures on Edwards Street that is planned for parking for the renovated tower.