Shreveport, Louisiana, October 11, 2025
News Summary
Regions Tower in Shreveport is under severe financial strain, facing power cuts and an upcoming auction due to unpaid utility bills and debts. Despite a $420,841.59 advance from Wilmington Trust to cover overdue SWEPCO payments, the building’s owner has defaulted on a $38.25 million loan. A lawsuit filed by Wilmington Trust seeks to place Plaza II Holdings LLC, the owner, into receivership, further complicating the tower’s precarious situation as it now prepares for an auction scheduled for late October.
Shreveport, Louisiana – Downtown Shreveport’s Regions Tower is facing severe financial troubles, including looming power cuts and an auction date set for the end of October 2024. The building, which is part of the Regions Center comprising the historic 16-story Regions Building, the 25-story Regions Tower, and a nearly 1,000-space parking garage, has been grappling with significant unpaid utility bills and other financial obligations.
On August 21, 2024, employees from Southwestern Electric Power Company (SWEPCO) posted electrical disconnect notices at Regions Tower, notifying tenants that power would be turned off the following Monday or shortly thereafter. This came as a shock to many tenants who were unaware that the property had fallen over six months behind on SWEPCO payments.
In response to the escalating situation, Wilmington Trust National Association, which serves as the mortgage holder, advanced $420,841.59 to cover overdue SWEPCO utility payments. However, issues extended beyond electricity as CenterPoint Energy also issued a disconnect notice due to unpaid bills. The building’s security services threatened to withdraw services due to unpaid dues, heightening concerns about the facility’s operational viability.
Moreover, several local companies, including Gene Nims Builders, Storer Services LTD, and Cowtown Materials, Inc., filed liens against the building’s owners for unpaid services, indicating the breadth of the financial distress faced by Regions Tower.
Notably, Regions Bank has clarified that although its name is associated with the tower, it does not own the facility and is not liable for the building’s financial obligations. This distinction has become increasingly relevant as financial strains mount.
On September 18, 2024, a lawsuit consisting of 420 pages was filed by Wilmington Trust, seeking to place Plaza II Holdings LLC, the building’s owner, into receivership due to nonpayment of bills. A subsequent court hearing approved the receivership request, appointing Trigild Property Management LLC to manage the building as it navigates its financial difficulties.
The building’s owner, Hertz Investment Group, is noted to have a $38.25 million loan that has defaulted, further compounding the financial crisis. Major issues include unpaid electricity, water, and other operational expenses, with previous receipts showing over $455,000 owed to SWEPCO, a significant portion of which is overdue by more than 90 days.
Regions Tower is now staring down a potential auction scheduled for October 29, 2024, managed by the Caddo Sheriff’s Office. Once boasting occupancy rates above 90%, the building currently has only around 80% occupancy, reflecting declining confidence among tenants and optimism about the tower’s future.
The financial instability surrounding Regions Tower forms part of a larger pattern affecting other properties owned by Hertz Investment Group, which are also in default and under the management of special servicers. Once recognized as one of the most upscale office spaces in downtown Shreveport, Regions Tower’s current predicament prompts concerns about the ongoing viability of commercial real estate investments in the area.
FAQ
What is happening with Regions Tower in downtown Shreveport?
Regions Tower is facing power cuts and potential auction due to severe financial troubles, including unpaid utility bills and debts.
When was the electrical disconnect notice posted?
The electrical disconnect notice at Regions Tower was posted on August 21, 2024.
How much did Wilmington Trust advance to cover overdue SWEPCO payments?
Wilmington Trust National Association advanced $420,841.59 to cover overdue SWEPCO utility payments.
What was the reason for the receivership request filed by Wilmington Trust?
The receivership request was filed due to the nonpayment of bills by Plaza II Holdings LLC, the building’s owner.
What is the auction date scheduled for Regions Tower?
The auction date for Regions Tower is set for October 29, 2024, and will be managed by the Caddo Sheriff’s Office.
What were the occupancy rates for Regions Tower before the financial issues?
Regions Tower once had occupancy rates above 90%, but currently stands at around 80%.
Key Features of Regions Tower
| Feature | Details |
|---|---|
| Building Type | 25-story office tower |
| Occupancy Rate (Current) | Around 80% |
| Occupancy Rate (Previous) | Above 90% |
| Outstanding SWEPCO Payments | Over $455,000 |
| Loan Amount | $38.25 million |
| Receivership Authority | Trigild Property Management LLC |
| Auction Date | October 29, 2024 |
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Additional Resources
- Shreveport Bossier Advocate
- Wikipedia: Regions Tower
- Shreveport Times
- Google Search: Regions Tower
- KTBS
- Encyclopedia Britannica: Financial Troubles
- NOLA
- Google News: Regions Tower Shreveport
Author: STAFF HERE SHREVEPORT WRITER
The SHREVEPORT STAFF WRITER represents the experienced team at HEREShreveport.com, your go-to source for actionable local news and information in Shreveport, Caddo Parish, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Mudbug Madness Festival, Red River Revel Arts Festival, and Independence Bowl. Our coverage extends to key organizations like the Shreveport-Bossier Chamber of Commerce and Shreveport Regional Arts Council, plus leading businesses in gaming, healthcare, and energy that power the local economy such as Horseshoe Casino, Ochsner LSU Health, and Atmos Energy. As part of the broader HERE network, including HEREBatonRouge.com and HERENewOrleans.com, we provide comprehensive, credible insights into Louisiana's dynamic landscape.
