Developers Mike Hoque and Mike Ablon are advancing plans for a $350 million redevelopment of Bank of America Plaza, the tallest building in Dallas located at 901 Main Street. The proposed project is seeking up to $98 million in public support through a tax increment financing (TIF) package, according to the Dallas Business Journal. The Downtown Dallas Development Authority and the Downtown Connection Tax Increment Financing District are scheduled to review the proposal this week.
The TIF agreement would allocate future increases in property tax revenue to help finance the renovation of the 72-story tower and four nearby blocks. City staff have recommended approval, moving the plan closer to consideration by the City Council.
Hoque and Ablon, operating as 901 Main PAHG Partners, reached an agreement last year to acquire the 1.9 million-square-foot skyscraper from Metropolis Holdings, based in Chicago. While financial terms were not disclosed, county records valued the property at $130 million. The acquisition was initially expected to close by mid-2025 but is now anticipated later this year.
Metropolis Holdings previously purchased Bank of America Plaza in 1998 for about $300 million. In recent years, Bank of America reduced its footprint in the building by relocating operations to Parkside Uptown, leaving approximately 500,000 square feet vacant.
The redevelopment plan includes adding a 300-room luxury hotel within the tower and improving streetscapes around the site with an aim to make downtown more accessible for pedestrians. “Bank of America Plaza has long been a Dallas icon but hasn’t had major reinvestment in decades,” said developers involved with the project.
Mike Hoque has led several significant public-private redevelopment projects in Dallas, including a large mixed-use development planned for University Hills that also received city incentives; however, his firm has missed some deadlines on past projects.
Tax increment financing incentives have previously supported similar office-to-residential conversions and infrastructure improvements along Main and Elm streets.
In related regional news, Fort Worth’s City Council will decide on September 30 whether to grant up to $6 million to Alcon Research as part of efforts that could bring new manufacturing lines and create over 200 jobs locally.
