Dallas City Council Approves Development Agreement for Bank of America Tower
Dallas City Council voted to approve a development agreement to support redevelopment of the 72-story, 1.8 million square foot green light-trimmed office building property known as the Bank of America tower at 901 Main Street.
Development Team and Plans
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 office tower and adjacent properties after Bank of America expressed intent to leave the building. 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.
Redevelopment Plan Details
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; and the addition of new street-level retail and restaurant space.
Community Benefits and Reaction
“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,” Moreno added.
What This Means for Dallas
The approval of the development agreement is a significant step forward for the city of Dallas, as it will help to revitalize the downtown area and bring in new businesses and amenities. The redevelopment of the Bank of America tower will not only provide a boost to the local economy but also create new jobs and opportunities for residents.
Conclusion
In conclusion, the Dallas City Council’s approval of the development agreement for the Bank of America tower is a major milestone for the city. The redevelopment plan will transform the iconic skyscraper into a vibrant community-focused facility, complete with office space, a high-quality hotel, and retail/restaurant uses. This project is expected to have a significant impact on the local economy and will help to establish Dallas as a thriving business hub.
FAQs
Q: What is the Bank of America tower redevelopment project?
A: The Bank of America tower redevelopment project is a $409 million project that aims to transform the 72-story office building into a vibrant community-focused facility, complete with office space, a high-quality hotel, and retail/restaurant uses.
Q: How much funding will the project receive from the Downtown Connection Tax Increment Financing (TIF) District?
A: The project will receive up to $103 million in economic development incentive funding from the Downtown Connection Tax Increment Financing (TIF) District.
Q: What are the benefits of the redevelopment project for the city of Dallas?
A: The redevelopment project is expected to have a significant impact on the local economy, creating new jobs and opportunities for residents. It will also help to revitalize the downtown area and bring in new businesses and amenities.
Q: Who is leading the development team for the project?
A: The development team is comprised of Mike Hoque of Hoque Global and Mike Ablon of PegasusAblon.
