Dallas City Council voted to approve a development agreement to support redevelopment of the 72-story, 1.8 million square foot green light-trimmed office building property known as the Bank of America tower at 901 Main Street.
A development team comprised of Mike Hoque of Hoque Global and Mike Ablon of PegasusAblon announced last year an intention to purchase and transform the office tower and adjacent properties after Bank of America expressed intent to leave the building. City Council’s approval of a development agreement with the development team includes up to $103 million in economic development incentive funding from the Downtown Connection Tax Increment Financing (TIF) District to support the planned $409 million project.
The redevelopment plan includes reducing office space in the tower from 1.8 million to 1.5 million square feet; adding 280 new four-star or higher hotel rooms and related hotel amenity space; constructing a new glass and steel structure adjacent to the tower to serve as the hotel lobby; constructing a new 1,115-space parking garage on a surface parking lot across Main Street to connect to the hotel lobby via an elevated crosswalk; and the addition of new street-level retail and restaurant space.
“I am ecstatic that we approved this item today to support our business community and a significant economic asset. This investment of funding through the Tax Increment Financing District in the area will expand the Bank of America property from simply a building of offices to a vibrant community-focused facility,” said Mayor Pro Tem Jesse Moreno. “There will be a mix of office space, a high-quality hotel, and retail/restaurant uses at this iconic Dallas skyscraper. The community should be proud of this building, and of the work that this City is putting into helping our business community thrive,” Moreno added.
Source: City of Dallas
