One of Dallas’ largest mixed-use projects still has moving financial pieces to make it work.
Hoque Global’s $1 billion University Hills mixed-use development in Southern Dallas is set to receive an increase in the city of Dallas’ incentives for multifamily portions of the development, up from $35 million to $50 million, the Dallas Business Journal reported.
The Dallas Housing Finance Corporation considered increasing the amount Tuesday. Construction started in May on the 270-acre site, near the University of North Texas at Dallas and Interstate 20.
City Manager Kimberly Tolbert hinted the increase was forthcoming during a ceremonial groundbreaking this spring, WFAA reported at the time.
Plans from the firm, headed by Mike Hoque, call for thousands of residential units, 1.5 million square feet of commercial space and more than 50 acres of green space. The project could create a commercial hub in an area where the median income is about 60 percent of the Dallas-Fort Worth average.
The Dallas-based firm’s project has been riddled with delays. The Dallas City Council approved amendments to the development agreement in December, extending deadlines and increasing the public subsidy to $35.9 million.
The firm’s minimum investment requirement rose to $62 million, and it was tasked with selling an additional 50 lots to third-party builders.
That amounted to Hoque Global selling 580 lots in University Hills to D.R. Horton and Lennar for townhome and single-family development.
A 60-day deadline to finalize the land purchase agreement and begin construction was met within days of the groundbreaking.
Hoque projects have stalled out in the past due to missing key milestones. The firm missed a deadline last year for vertical construction at its $50 million mixed-use project in Mansfield, but the city offered a second chance.
Fort Worth kicked the firm to the curb last year. It was removed as the master developer for the Evans and Rosedale Urban Village last April, after the city cited “unacceptable delays.”
Hoque did not reapply for the Urban Village project but contested those claims at the time.
Other recent projects include partnering up with Mike Ablon on a Bank of America Plaza acquisition.
Hoque and PegasusAblon received initial approval last month from Dallas city advisory boards for over $100 million in public incentives for a $409 million redevelopment of the city’s tallest skyscraper at 901 Main Street.
The development duo aims to convert parts of the 1.9 million-square-foot building into hotel, event, and retail space, and add a new parking structure.
— Eric Weilbacher
Read more
City Council hits Hoque Global on University Hills timeline
Mansfield gives Hoque Global second chance on $50M development
Hoque sets construction start date for University Hills
Hoque Global has 60 days to buy land for University Hills project
Fort Worth drops Hoque Global as Southside urban village developer
Hoque, Ablon seek $98M public boost for Dallas’ tallest conversion
