Dallas’ skyline is set for a major makeover thanks to millions in city tax incentives.
Dallas City Council unanimously approved a $103 million incentive package Wednesday to back developers Mike Hoque and Mike Ablon’s ambitious plan to redevelop the 72-story Bank of America Plaza, the city’s tallest tower and one of its most recognizable landmarks, the Dallas Morning News reported.
The duo plans to convert portions of the nearly 2 million-square-foot building at 901 Main Street into a hotel with event and retail space, plus a parking garage.
The payment will come from the Downtown Connection Tax Increment Financing District, whose boundaries were expanded as part of the same vote. The deal clears the way for Hoque and Ablon’s firm, 901 Main PAHG Partners, to buy the property from Metropolis Investment Holdings, a Chicago-based firm managing assets for a German family investment group.
The redevelopment plan calls for a full reimagining of the 1.8 million-square-foot tower. Office space will be trimmed to 1.5 million square feet and fully renovated, while a 275-key hotel and related amenities will be added in partnership with hospitality veteran Dave Johnson of Horizon Capital.
A glass-and-steel addition across Main Street will house a hotel lobby, ballroom and a 1,115-space parking garage, linked to the main tower by a skybridge. Plans also call for street-level retail, restaurants, as well as a 69th-floor restaurant with an outdoor observation deck.
The first phase of the $409 million redevelopment blueprint that includes four additional city blocks is expected to wrap in three years. As part of council’s stipulations for the TIF funding, the developers must close on the property and four adjacent blocks by September 2026 and finish construction by 2032, investing at least $395 million and meeting benchmarks for office, hotel and retail space.
“Downtown Dallas is at a critical juncture where much of its development has to be rethought and reimagined,” Hoque told the outlet. “Today’s approval paves the way for a transformational change that connects Main Street District with the West End and the new Convention Center.”
Ablon, founder of PegasusAblon, said the project could be “catalytic for the next generation of Downtown Dallas,” adding that it aligns with the city’s Downtown 360 Plan. Downtown Dallas CEO Jennifer Scripps also endorsed the project, calling it key to maintaining the area’s economic vitality amid shifting office demand.
Council member Paul Ridley hailed the project as a model for adaptive reuse in the city center, while creating hundreds of construction and hospitality jobs.
— Eric Weilbacher
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