Two well-known real estate executives have ambitious plans for Dallas’ tallest building.
Last year, The Dallas Express reported that Developers Mike Hoque and Mike Ablon are planning a $350 million redevelopment of Dallas’ tallest skyscraper, Bank of America Plaza, along with four surrounding city blocks. Now, the ambitious project appears one step closer to reality with a potential city tax increment financing package that could deliver upwards of $98 million in support.
The agreement, being reviewed by the Downtown Dallas Development Authority and the Downtown Connection Tax Increment Financing District, would utilize future increases in property tax revenue to help fund the redevelopment of the massive skyscraper and adjacent blocks. Following the staff’s recommendations for approval, the process will be presented to the City Council for consideration and review.
Hoque and Ablon, through an entity called 901 Main PAHG Partners, reached a deal last year to purchase the 72-story tower from Metropolis Holdings, a Chicago-based company. While the price was not disclosed, the Dallas Central Appraisal District valued the 1.9 million-square-foot property at $130 million, equivalent to $70 per square foot.
The purchase was initially expected to close earlier this year, but is now slated for later in 2025. Metropolis originally bought the building back in 1998 for $300 million, more than twice the most recent appraisal value.
While it maintains the name, Bank of America actually vacated the property when it downsized its footprint in 2023.
The result? Half a million square feet in unoccupied space.
As for the future, the duo of developers plans to build a 300-key luxury hotel inside the tower. Streetscape upgrades are also being considered to turn the block into a more walkable downtown anchor.
Despite the prominence of Bank of America Plaza, the third-tallest building in the state, known for its colorful LED outline, the tower has not seen major reinvestment in decades.
The question now becomes, can this ambitious project reinvigorate this Dallas icon?