Bank Tower Overhaul in Dallas Targets $98M In Public Funding

$350M For A New Downtown Anchor

Dallas developers Mike Hoque and Mike Ablon are leading a major redevelopment of Bank of America Plaza, the 72-story high-rise that defines the city’s skyline. To fund the repositioning, the developers are requesting up to $98m in tax increment financing (TIF) from the city, reports TheRealDeal. TIF is a public financing tool that redirects future increases in property tax revenue to help cover project-related costs.

City staff have backed the proposal, and reviews by the Downtown Dallas Development Authority and Downtown Connection TIF District are underway. A City Council vote could follow soon after.

A New Chapter For A Downtown Icon

The proposed overhaul would transform the 1.9M SF office tower into a mixed-use destination. Plans include a 300-room luxury hotel and a redesigned streetscape spanning four adjacent blocks.

Once the longtime home of its namesake tenant, the building saw Bank of America shrink its footprint significantly in 2023, vacating more than 500K SF. The redesign aims to breathe new life into the tower and activate the broader superblock with pedestrian-friendly features.

New Ownership, Old Challenges

Hoque and Ablon, through their joint venture 901 Main PAHG Partners, signed a purchase agreement for the tower last year. The deal with current owner Metropolis Holdings is now expected to close by year’s end.

Though terms were not disclosed, the tower is currently assessed at $130M by Dallas County—less than half of what Metropolis paid for it in 1998.

A Strategic Urban Play

Beyond just repositioning a skyscraper, the project is part of a broader push to revitalize downtown Dallas through mixed-use redevelopment.

Hoque is also leading the University Hills project in southeast Dallas. The public-private venture received city subsidies but has experienced delays. TIF programs have become a go-to financing mechanism for similar efforts across the urban core, helping pay for office-to-residential conversions and public infrastructure.

Elsewhere In North Texas…

While Dallas weighs a nine-figure incentive package, Fort Worth is also eyeing a sizable economic development deal. The City Council is preparing to vote on a proposed incentive package for Alcon Research. The plan would offer up to $6M in grants as the company considers relocating its European manufacturing operations to the region. If approved, the move could bring 241 jobs and a $186M investment.

The Bigger Picture

With hybrid work reshaping office demand, cities are rethinking how to use legacy towers. If Hoque and Ablon’s vision comes to life, Bank of America Plaza could serve as a model for transforming aging commercial buildings. The project aims to create a vibrant, mixed-use hub that appeals to both locals and visitors.