Hoefer Welker
A rendering.
A transformative redevelopment of Dallas’s tallest tower cleared a major hurdle this week as the City Council unanimously approved $103 million in public financing from the Downtown Connection Tax Increment Financing District to support the overhaul of Bank of America Plaza.
The approval positions the project as one of the city’s most significant downtown reinvestments in decades.
Developers Mike Hoque and Mike Ablon, operating under 901 Main PAHG Partners LLC, plan to purchase and redesign the 72-story, light-trimmed landmark from Chicago-based Metropolis Investment Holdings.
Their proposal envisions a complete reimagining of the 1.8-million-square-foot skyscraper into a mixed-use destination with modernized offices, hospitality, retail, and public amenities.
The project calls for a full renovation of 1.5 million square feet of office space, the addition of 275 four-star or higher hotel rooms, and the construction of a new glass-and-steel structure for a hotel lobby and ballroom. Plans also include a 1,115-space parking garage across Main Street, a connecting skybridge, new street-level retail and restaurants, and a 69th-floor restaurant with an outdoor lounge and observation deck.
Phase one is expected to be completed within three years. The developers also plan to acquire four additional city blocks as part of the broader vision to link the Main Street District with the West End and the new convention center.
The project’s total estimated cost is $409 million, including $172 million for acquisition. Under the terms of the agreement, the developers must close on the tower by September 2026, invest nearly $395 million, and complete construction by September 2032. Specific performance benchmarks for office, hotel, and retail components are built into the deal.
Hoque Global was the developer for Fort Worth’s Evans and Rosedale redevelopment project, but he and the city eventually parted ways.
The tower, initially developed by Bramalea Texas as the Dallas Main Center and designed by JPJ Architects, opened in 1985 as the InterFirst Plaza, touted as the city’s “landmark building.” At its opening the building was the 10th-tallest in the world. The building has since taken on a number of identities, including Bank of America in 1998. Last year, Bank of America announced that it was moving to a 30-story building in Dallas' Uptown.