News Summary
A historic 17-story building at 525 Milam Street in Shreveport will go to auction starting July 7 with a minimum bid of $250,000. Managed by Ten-X, the building, originally opened in 1950, spans 287,440 square feet and is currently turnkey ready for office use. There’s potential for residential development and data center conversion, reflecting the growing housing demand in the city. This represents a significant investment opportunity, especially considering the building’s historical tax credits. Speculation surrounds interest from celebrity investors.
Shreveport – A historic 17-story building located at 525 Milam Street is set to go under the auction hammer for 48 hours starting on July 7, with a minimum bid of $250,000. The property has a total area of 287,440 square feet and is positioned in a prime downtown location across from the courthouse.
The auction will be managed by Ten-X, a prominent online platform known for handling property sales in areas including Shreveport and Bossier City. Those interested in placing a bid must complete required documentation and provide proof of funds. It is important to note that the building will be sold “as is, where is”, meaning there are no contingencies or due diligence periods for potential buyers.
Property Features
Originally opened in 1950, the building has served as the headquarters for both Arkla Gas and later CenterPoint Energy. Realtor Beth King described the property as turnkey ready for office use. The structure features basement parking, a generator, and seven elevators, which can be beneficial for potential office or residential use.
In light of an increasing demand for housing in the city, there is speculation that the property may be repurposed for residential development. An informational packet for prospective buyers includes a floorplan that showcases designs for studio and one-bedroom apartments, indicating possible future use that aligns with the housing market needs.
Development Potential
Furthermore, there is potential interest from developers aiming to establish a data center at this location. The second floor of the building is already equipped with a data center, complete with specific infrastructure, such as UPS backup and fire suppression systems.
Redevelopers may also have the opportunity to take advantage of federal and state historical tax credits, which could reimburse up to 45% of eligible renovation and improvement expenses. This includes costs for soft services such as engineering and architectural work, along with structural enhancements including roof, walls, windows, and flooring.
Background Information
An out-of-state investor acquired the property in 2022 for $971,250, and previous assessments valued the building at approximately $2.4 million. This suggests that the current minimum bid of $250,000 could represent a significant opportunity for those looking to invest in the Shreveport area. Additionally, the property is located on roughly 5.7 acres of land, providing ample space for future development.
Speculation has also emerged regarding the interests of celebrity investor 50 Cent, who has previously invested over $4 million into Shreveport. It is rumored that he may consider the property as part of plans for G-Unit Studios.
With the historic significance and expansive potential of 525 Milam Street, the upcoming auction marks a crucial opportunity for investors and developers alike as Shreveport continues to evolve. Interested bidders are encouraged to prepare ahead of the July 7 deadline as this auction could reshape the future of this iconic structure.
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Additional Resources
- Shreveport-Bossier Advocate: 525 Milam CenterPoint Building Auction
- Data Center Dynamics: Office and Data Center up for Auction in Shreveport
- K945: Shreveport $2.4M Downtown Auction
- Shreveport Times: CenterPoint Subsidiary Reducing Local Workforce
- Data Center Dynamics: Toyota Forced to Shut Down Plants in Japan
- Wikipedia: Shreveport
- Google Search: Shreveport real estate
- Google Scholar: Shreveport acquisitions
- Encyclopedia Britannica: Shreveport
- Google News: Shreveport auction
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.
