More than $100 million in public incentives for the redevelopment of Bank of America Plaza in Dallas have advanced past two city advisory boards. The Dallas Business Journal reported that the Downtown Dallas Development Authority and the Downtown Connection Tax Increment Financing District approved an increase in their combined subsidy from $98 million to $103 million for the project.
Developers Mike Ablon of PegasusAblon and Mike Hoque of Hoque Global plan a $409 million conversion of portions of the 72-story, nearly 2 million-square-foot tower at 901 Main Street. The proposal includes creating a hotel, event and retail space, and a new parking garage. Elevated pedestrian connections are also planned to integrate the site into downtown Dallas.
The additional subsidy will help cover design costs for a new garage that can support up to 200 residential units or hotel rooms above it. The boards also agreed to expand the boundaries of the TIF district to include another parcel tied to the project.
Hoque and Ablon, through their entity 901 Main PAHG Partners, agreed last year to buy the tower from Chicago-based Metropolis Holdings. The price has not been disclosed. According to the Dallas Central Appraisal District, the building is valued at about $130 million.
Ablon described the redevelopment as crucial for revitalizing downtown Dallas, which has seen some major tenants leave or consider relocating. “You’re not catalytic if you just put lipstick on a building,” Ablon told board members. “We have to change the playing field.”
To keep receiving incentives, PegasusAblon must close on its purchase by September next year and complete redevelopment by fall 2032. The incentive package will go before City Council for approval on October 22.
If approved, this would be one of Dallas’ largest city-backed downtown projects in recent years.
