Interest in developing downtown continues to grow as the re-urbanization of Shreveport moves forward. Last year, the Lofts at 624 welcomed its first residents and still has a waiting list, joining United Jewelers as the second market-rate apartment building. Another building, called The Standard was nabbed and began renovations last year to create apartments at the corner of Market Street and Texas Street.
Now, former Shreveporter Robert Lay has purchased the historic Goode-Cage Drug Company Building (401 Spring Street) and announced that he will develop it into 30 market-rate apartment units with on-site parking with construction starting this summer.
The building started as the Cavett Carriage Company in 1912 and became the Goode-Cage Drug Company in 1920 until the company was sold to sold to Southwestern Drug in 1962. According to the Shreveport Downtown Development authority, the back half of the building’s roof collapsed approximately three years ago, taking a large part of the second floor with it. Soon after, the building was added to the city’s demolition list.
“Downtown Shreveport has a great stock of historic buildings, and we look forward to getting this project underway,” says Lay. “It’s always a challenge to bring an old blighted structure back to economic commerce, but the location and some of the unique attributes of this particular structure really got us excited about this opportunity.”
The building is a short block from the downtown riverfront greenway and the Shreveport Aquarium, half a block from nightspots and restaurants, and a 2-minute walk to the Spring Street Historical Museum and the Norsworthy art gallery.
“This is a great addition to our downtown community,” says Downtown Development Authority Executive Director Liz Swaine. “401 Spring is a remarkable building with tall ceilings, solid brick walls, wide plank floors and parking available in the basement. It took someone like Robert to see the potential and to have the knowledge to be able to act on it.”
Much of this article was pulled from a press release by the Shreveport Downtown Development Authority.