Copyright FOX 4 News
Dallas City Council voted to approve a development agreement to support the redevelopment of the Bank of America Tower. Inside the $409 million redevelopment What we know: A development team comprised of Mike Hoque of Hoque Global and Mike Ablon of PegasusAblon announced last year an intention to purchase and transform the 72-story, 1.8 million square foot green light-trimmed office building property located at 901 Main Street. City Council’s approval of a development agreement with the development team includes up to $103 million in economic development incentive funding from the Downtown Connection Tax Increment Financing (TIF) District to support the planned $409 million project. New hotel, retail, and parking Dig deeper: The redevelopment plan includes reducing office space in the tower from 1.8 million to 1.5 million square feet, adding: 280 new four-star or higher hotel rooms and related hotel amenity space Constructing a new glass and steel structure adjacent to the tower to serve as the hotel lobby Constructing a new 1,115-space parking garage on a surface parking lot across Main Street to connect to the hotel lobby via an elevated crosswalk The addition of new street-level retail and restaurant space. Transforming an iconic Dallas skyscraper What they're saying: "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," said Mayor Pro Tem Jesse Moreno. "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."
