Developers Mike Hoque and Mike Ablon are seeking a public financing package of up to $98 million to support a planned $350 million redevelopment of Bank of America Plaza in downtown Dallas. The proposal, reported by the Dallas Business Journal, will be reviewed this week by the Downtown Dallas Development Authority and the Downtown Connection Tax Increment Financing District.
The tax increment financing (TIF) agreement would allocate future increases in property tax revenue to help fund the transformation of the 72-story tower at 901 Main Street and four surrounding blocks. City staff have recommended approval, with final consideration expected from the City Council.
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. According to data from the Dallas Central Appraisal District, the building is valued at $130 million. The acquisition was initially scheduled for mid-2025 but is now anticipated later this year. Metropolis originally purchased the property in 1998 for about $300 million.
Bank of America Plaza lost its anchor tenant in 2023 when Bank of America reduced its space to 238,000 square feet at KDC’s Parkside Uptown development, leaving approximately 500,000 square feet vacant.
Plans for the building include a new 300-room luxury hotel within the tower and upgrades aimed at making the area more accessible for pedestrians. “Bank of America Plaza, famous for its colorful LED outline, has long been a Dallas icon but hasn’t had major reinvestment in decades,” according to reporting on redevelopment efforts. The project is intended to revitalize both the tower and nearby blocks as part of broader initiatives to increase residential and pedestrian activity downtown.
Mike Hoque has previously led public-private redevelopment projects such as University Hills in southeast Dallas, which also received city subsidies; however, his firm has missed some deadlines on past ventures.
Similar TIF incentives have supported other office-to-residential conversions and infrastructure improvements along Main and Elm streets in downtown Dallas.
In related news outside Dallas, Fort Worth’s City Council is set to vote on September 30 regarding up to $6 million in grants for Alcon Research as it considers relocating manufacturing lines from Europe to North Texas—a move that could bring $186 million in investment and create over 240 jobs.
