DALLAS, TX - The Dallas City Council has approved a development agreement to support the $409 million transformation of the 72-story Bank of America Tower at 901 Main Street — one of the city’s most recognizable downtown skyscrapers.
The redevelopment will be led by a team including Mike Hoque of Hoque Global and Mike Ablon of PegasusAblon, who announced plans last year to purchase and revitalize the 1.8 million-square-foot property after Bank of America indicated plans to relocate.
Under the agreement approved Wednesday, the project will receive up to $103 million in economic development incentive funding through the Downtown Connection Tax Increment Financing (TIF) District.
Plans call for reducing the building’s office space from 1.8 million to 1.5 million square feet, adding 280 new four-star or higher hotel rooms, and constructing a new glass-and-steel structure adjacent to the tower to serve as the hotel lobby. A 1,115-space parking garage will be built across Main Street and connected to the hotel lobby via an elevated crosswalk. Street-level retail and restaurant space will also be added to help create a more active, community-centered environment.
“I am ecstatic that we approved this item today to support our business community and a significant economic asset,” said Mayor Pro Tem Jesse Moreno. “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. There will be a mix of office space, a high-quality hotel, and retail and restaurant uses at this iconic Dallas skyscraper.”
