Dallas City Council approves $103 million agreement to redevelop iconic Bank of America Tower
Dallas, Texas – The Dallas City Council has officially approved a development agreement aimed at supporting the large-scale transformation of the Bank of America Tower at 901 Main Street. The redevelopment will turn the towering 72-story, 1.8 million square foot office building into a modern, mixed-use hub featuring new hotel, retail, and community amenities.
The project is being led by a development team composed of Mike Hoque of Hoque Global and Mike Ablon of PegasusAblon, who announced plans to acquire and redevelop the property last year. Their plans gained urgency after Bank of America expressed intent to leave the building, prompting a broader vision for its future.
To help fund the ambitious effort, the City Council has approved up to $103 million in economic development incentive funding from the Downtown Connection Tax Increment Financing (TIF) District. This investment will support the $409 million redevelopment project, which aims to breathe new life into the downtown corridor.
A Multi-Use Vision for Downtown Dallas
The redevelopment plan includes a significant reconfiguration of the tower’s use. The amount of office space will be reduced from 1.8 million to 1.5 million square feet to make room for 280 new four-star or higher hotel rooms along with related amenity spaces. A new glass and steel structure will be built next to the tower to serve as the hotel’s lobby.
In addition, the plan calls for a new 1,115-space parking garage to be constructed on a surface lot across Main Street. This garage will connect to the hotel lobby via an elevated crosswalk, improving accessibility and functionality. The development will also include street-level retail and restaurant spaces, turning the base of the building into a vibrant destination for locals and visitors alike.
Mayor Pro Tem Jesse Moreno celebrated the decision, stating, “I am ecstatic that we approved this item today to support our business community and a significant economic asset. 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.”
He added, “There will be a mix of office space, a high-quality hotel, and retail/restaurant uses at this iconic Dallas skyscraper. The community should be proud of this building, and of the work that this City is putting into helping our business community thrive.”
The redevelopment of the Bank of America Tower represents a major step forward in Dallas’ ongoing efforts to modernize its downtown core, attract investment, and enhance the quality of life for its residents.
