The city says the agreement includes up to $103 million in incentive funding from the Downtown Connection Tax Increment Financing District for the project.
DALLAS — The Dallas City Council has approved an agreement to provide $103 million in funding toward the redevelopment of the city’s tallest building, turning some of its floors into a hotel.
That $103 million will come from the Downtown Connection Tax Increment Financing (TIF) District to help fund the planned $409 million redevelopment of Bank of America Plaza at 901 Main St.
“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 in a statement. “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 plan includes reducing office space in the building from 1.8 million square feet to 1.5 million square feet, adding 280 four-star or higher hotel rooms and other hotel amenity space. Other plans include a new glass and steel structure next to the tower to act as a lobby for the hotel, and a 1,115-space parking garage across Main Street, which would connect to the hotel from an elevated crosswalk.
There are also plans for additional street-level retail and restaurant space.