The Louisiana State Bond Commission granted preliminary approval on May 22, 2026 for $30 million in taxable bond financing for the Shreveport Downtown Development Authority's Petroleum Tower redevelopment. The Petro Lofts project is structured as bond financing combined with private equity and state and federal historic tax credits. DDA Executive Director Cedric Glover and Mayor Tom Arceneaux have both supported the project through the financing process.

The Petroleum Tower is a historically significant building in downtown Shreveport that has been the subject of redevelopment planning for several years. The $30M financing, if it closes, would be one of the largest single capital commitments to a downtown Shreveport building in recent history.

Timeline as of publication: final Bond Commission approval scheduled for June or July, with a December 2027 project completion target. The preliminary approval is a meaningful milestone — it moves the project from planning to funded pipeline — but the closing is the operative event.

Separately, on May 14, the DDA donated $51,000 to downtown public safety in a multi-agency press conference that included the Mayor, Police Chief Wayne Smith, and Sheriff Henry Whitehorn. The donation was framed as part of World Cup preparation for downtown Shreveport.

Watch: Final Bond Commission approval date and confirmation that the financing package has closed.

Source: KSLA, May 26 and May 14, 2026.