In a bold move set to redefine the Dallas skyline, developers Mike Hoque and Mike Ablon have secured a contract to acquire the iconic Bank of America Plaza and the surrounding four city blocks, with plans for a drastic $350 million “moonshot” redevelopment.
As first reported by D CEO magazine, the project aims to revitalize the 72-story tower, the tallest in Dallas and the third tallest in Texas, known for its current iconic green-lit outline. The ambitious vision includes the addition of a luxury hotel with 300 rooms, alongside enhancements to the street-level and retail spaces around the skyscraper.
“We’re all local with different ideas, and that’s fantastic,” Ablon told D CEO. “If everyone does what they find interesting, Dallas starts having a much more unique, authentic scene.
“On this one, you could say that what we’re doing is a bit of a moonshot,” he says. “But if we do this properly, if we can use the building to frame the street, then more people will want to be here. We must think this way to pull downtown to what it might become.”
Negotiations with a hotel partner are expected to conclude soon. Hoque and Ablon remain tight-lipped about the brand, though they confirmed it will be a high-end offering for the city, reported D CEO.
“We started talking about doing the hotel, and as we were talking about the hotel piece, the ownership group came back last year and said, ‘Mike, do you want to buy the whole thing?’ I said, ‘OK. Let me do some homework,” Hogue said.
“If we do this properly, if we can use the building to frame the street, then more people will want to be here. We must think this way to pull downtown to what it might become.” Ablon told D CEO.
In addition to the hotel, Hoque envisions establishing a new financial district anchored by Bank of America Plaza. He has already identified a potential tenant: the Texas Stock Exchange (TXSE Group Inc.), which announced plans in June to base its operations in Dallas with backing from BlackRock.
The redevelopment follows Bank of America’s decision to relocate to a new tower in Uptown, prompting current owner Metropolis to reevaluate its strategy for the property.
“It has been the pride and joy of our company to own the city’s tallest building with the most prominent silhouette lighting up the Dallas skyline,” Tom Dempsey, managing director at Metropolis, told D CEO.
“We undertook a lengthy process of vetting and getting to know Hoque Global, and we are excited for the future of Bank of America Plaza,” Dempsey added.
The recently announced revamp of Bank of America Plaza is just one of many recent milestones in the ever-changing Downtown Dallas real estate scene.
As previously reported by The Dallas Express, neighboring Fort Worth’s tallest building, Burnett Plaza, was acquired in May of this year for significantly less than its previous sale price.
Pinnacle Bank Texas purchased the 40-story, 567-foot tower during a Tarrant County auction on May 7. The building’s former owner, Burnett Cherry Street LLC, struggled to repay a $13 million loan taken out in 2021, leading to the bank’s credit bid of about $12.3 million—far below the tower’s recent appraisal of $104.5 million and its purchase price of over $137.5 million three years ago.