Developer Mike Hoque has more big plans for downtown Dallas following a major land acquisition near the Farmers Market in Downtown Dallas.
Hoque purchased a site marred by years of decay, vandalism and code violations at 711 South St. Paul Street, near Dallas City Hall, the Dallas Business Journal reported.
The City of Dallas put the neglected, city-owned property up for sale in August following numerous failed attempts to repurpose it.
The city requested proposals to buy the half-acre of land alone or the land with the building, and Hoque entered an agreement to buy the land alone, the outlet reported, citing a city memo. The city plans to demolish the 22,500-square-foot building, City Council Member Jesse Moreno told the outlet.
The city estimated the property would sell for $2 million. The land is valued at $1.5 million by the Dallas Central Appraisal District.
“This property has a troubled history under the City of Dallas’ care, and its demolition in a mere few months will carve the way for a higher purpose,” said City Council Member Jesse Moreno.
The acquisition aligns with Hoque’s broader plans for the Newpark district, a technology and education hub in downtown Dallas.
The Newpark district has already received significant city support, with $96.1 million in incentives approved for the project in 2022. Plans, in the works for years, include a 38-story tower, to be developed with Omaha-based Lanoha Real Estate Company, which would add office space, apartments, and hotel to downtown.
Meanwhile, the City of Fort Worth terminated Hoque Global’s contract for the Evans & Rosedale Urban Village project earlier this year, citing a lack of consistent progress and adherence to deadlines.
In terms of Hogue’s plans for the St. Paul Street land, he suggested the site could include mixed-income workforce housing and ground-floor retail.
The developer’s other proposed projects include the $350 million redevelopment of Bank of America Plaza, in partnership with Mike Ablon. That adaptive reuse would see a portion of Dallas’ tallest tower converted into a 300-key hotel, the addition of a pool on the 69th floor and a redesign of the surrounding streetscape.
Other downtown transactions highlight the area’s burgeoning development activity, including Investor Ray Washburne’s recent acquisition of the Greyhound station on South Lamar Street.
Hoque, known for his portfolio of restaurants in Dallas, such as Wild Salsa and Dallas Chop House, is also behind the planned University Hills project near the University of North Texas at Dallas, which is slated for residential and commercial zones and over 50 acres of green space.
— Andrew Terrell
Read more
Hoque to start Fort Worth urban village
Fort Worth drops Hoque Global as Southside urban village developer
Fort Worth taps Royal Capital for South Side redev once led by Hoque
