State Bond Commission Approves $75 Million for Downtown Shreveport Revitalization

According to Biz Magazine, downtown Shreveport is on the verge of a major transformation with the approval of $75 million in lease revenue bonds by the State Bond Commission. This funding will support the redevelopment of the long-vacant federal building at 500 Fannin Street into the new Northwest Louisiana State Office Building, a project expected to involve a $100 million investment.

The commission initially deferred the decision, seeking more analysis. However, the comprehensive report by Roger Husser, Director of Facility Planning and Control, addressed key issues such as cost breakdown, square footage expenses, and state agency debt service payments. Representative Tony Bacala commented, “We had a lot of questions in the last meeting about the project’s cost, but the data provided this time has answered those questions.”

Louisiana State Treasurer and Bond Commission Chairman John Fleming highlighted the importance of repurposing existing buildings, stating, “It makes a lot of sense to be able to reuse a building that, even if it’s not now, could be blight eventually.” He emphasized that upgrading the structure to meet modern standards was preferable to starting from scratch.

The commission unanimously approved the project, reflecting strong support for Shreveport’s downtown development. Cedric B. Glover, Executive Director of the Downtown Development Authority, expressed his gratitude to the commission, calling the project "a win for downtown Shreveport" and a "turning point for the area."

The renovated building will house state agencies, enhancing government services in the region and reinforcing downtown Shreveport's status as a hub for civic activity. Glover noted that this project could spark further growth and revitalization efforts in the area.

Renovations are expected to begin soon, marking a new chapter for the historic space as part of Shreveport’s ongoing downtown revitalization.