SHREVEPORT, La. (KSLA) – On Friday, May 22, the Shreveport Downtown Development Authority (SDDA) annouced they were granted preliminary approval of the taxable bond financing for a downtown development project.
The Louisiana State Bond Commission (LSBC) granted the SDDA preliminary approval on May 21 to begin financing the redevelopment of the decades-long vacant historic Petroleum Tower to be turned into housing.
“The approximately $30 million redevelopment project will transform the long-vacant 16-story Petroleum Tower into 117 market-rate residential units with dedicated parking, ground-floor commercial and retail space, and modern resident amenities. The project continues to be viewed as a major investment in the future growth and revitalization of Downtown Shreveport”, says the SDDA. “In addition to the 117 one, two, and three bedroom residential units, the redevelopment plan includes tenant amenities such as a fitness room, business center, bicycle storage, pet washing station, additional storage space, and dedicated tenant parking.”…