Developers Mike Hoque and Mike Ablon are moving forward with plans for a major redevelopment of Bank of America Plaza in downtown Dallas. The proposed $350 million project would convert the city’s tallest building, located at 901 Main Street, into a mixed-use property anchored by a 300-room luxury hotel and enhanced streetscapes to encourage pedestrian activity.
A key component of the financing is a tax increment financing (TIF) package that could provide up to $98 million in public support. The proposal is scheduled for review by the Downtown Dallas Development Authority and the Downtown Connection Tax Increment Financing District this week. City staff have recommended approval, which would allow the agreement to advance to the Dallas City Council for consideration.
The TIF arrangement would allocate future increases in property tax revenue generated by the tower and four adjacent blocks toward funding the redevelopment. This approach has been used previously in Dallas to support office-to-residential conversions and infrastructure improvements along Main and Elm streets.
Hoque and Ablon, operating through 901 Main PAHG Partners, reached an agreement last year to acquire the 1.9 million-square-foot skyscraper from Metropolis Holdings, based in Chicago. The transaction price was not disclosed, but the Dallas Central Appraisal District values the property at $130 million. While closing was initially expected by mid-2025, it is now anticipated later this year. Metropolis originally purchased Bank of America Plaza in 1998 for about $300 million.
Bank of America Plaza lost its primary tenant last year when Bank of America reduced its space commitment to 238,000 square feet at Parkside Uptown, a development by KDC. This move left approximately 500,000 square feet vacant in the tower.
According to plans detailed by Hoque and Ablon, their redevelopment aims not only to add a hotel but also to improve walkability around what has been described as a “fortress-like superblock.” They hope these changes will help revitalize both the building and its surroundings as part of ongoing efforts to increase residential presence and pedestrian traffic downtown.
Mike Hoque has led other significant public-private projects in Dallas before, including a large mixed-use development planned for University Hills in southeast Dallas that received city subsidies; however, some deadlines on previous ventures have reportedly been missed.
In related news outside Dallas, Fort Worth’s City Council will soon decide whether to offer up to $6 million in grants to Alcon Research as it considers relocating two manufacturing lines from Europe—a move projected to bring over 240 jobs and $186 million in investment—to North Texas.
“Bank of America Plaza has long been a Dallas icon but hasn’t had major reinvestment in decades,” said those involved with the project. “The proposed remodel could reposition the tower and reshape its surrounding blocks.”
