The 16-story Petroleum Tower, located on the northeast corner of Texas and Edwards Streets in downtown Shreveport, could be seeing new life after an investor recently closed on the property, as well as two others previously owned by Community Renewal International.
The Dubin/Guru Group from Northbrook, Illinois who recently closed on the property has a history of residential conversions. Since 1990, the company has developed more than 1200 residential units and 100,000+ sq ft of commercial space.
The new owners envision a similar renovation for the Petroleum Tower property.
While several developers have expressed interest in the property in the past, none have actually purchased the building. The additional progress gives reinvigorated hope for a renovation project with the Dubin/Guru Group. The company typically hires a local general contractor as well as craftsman for their projects.
While there is still a lot that must be worked out before renovations can even begin, it’s very possible we’ll be seeing a new lease on life for the Petroleum Tower in the near future.