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DALLAS, TX – MARCH 20: A downtown highrise building is lit up in green LED lighting on March 20, 2013 in Dallas, Texas. Dallas, a major hub of technology, energy, medical research, and commerce, is the fourth largest metropolitan center in the United

DALLAS – 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. 

Dallas Stock Photos: Downtown Dallas Skyline at Night, green neon lights outline one building. (Photo by: HUM Images/Universal Images Group via Getty Images)

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 spaceConstructing 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 crosswalkThe 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.”

The Source: Information in this article was provided by the City of Dallas.

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