- Mike Hoque and Mike Ablon signed a 10-month extension with Dallas officials, pushing their deadline to buy the 72-story tower from Sept. 30, 2026 to July 30, 2027.
- The $409 million plan trims office space to 1.5 million square feet, adds 275 hotel rooms, a 1,115-space garage, and a 69th-floor restaurant and observation deck.
- The project is central to downtown Dallas’ reinvention as Bank of America, AT&T, and Neiman Marcus exit while Uptown and the convention center district draw new investment.
The developers behind a $409 million redevelopment of Bank of America Plaza, Dallas’ tallest building, have secured a 10-month extension to buy the tower, according to The Dallas Morning News.
The new deadline keeps Mike Hoque and Mike Ablon eligible for more than $100 million in city incentives tied to the project.
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Why Bank of America Plaza Needed More Time
Hoque and Ablon, operating as 901 Main PAHG Partners LLC, announced in 2024 that they would buy the 72-story tower from Metropolis Investment Holdings. Metropolis, a Chicago-based firm, manages the asset for a German family investment group.
Their original deadline was Sept. 30. Ablon said the city needs more time to finalize the development agreement, calling the deal far more complex than a simple building purchase, and said the team hopes to close well ahead of the new July 30, 2027 cutoff.
The Details
The duo expects to spend more than $165 million on the purchase alone. Plans cut office space from 1.8 million to 1.5 million square feet, all fully renovated, and convert or add 275 four-star-or-better hotel rooms.
A new glass-and-steel building will house a hotel lobby and ballroom, and a 1,115-space garage will replace a surface lot across the street, linked by a skybridge over Main Street. The program also adds street-level retail and a 69th-floor restaurant with an observation deck.
Dallas City Council approved a $103 million payment from the Downtown Connection TIF district last October. The developers have spent about $4 million on design and say they have lined up a capital partner and financing, though Ablon declined to share details. Completion could come by September 2032, per earlier city documents.
Downtown Dallas in Transition
The tower’s name will likely change: anchor tenant Bank of America plans to move to its new Bank of America Tower at Parkside, overlooking Klyde Warren Park, within the next couple of years.
Other exits are stacking up. Neiman Marcus is shuttering its century-old store at 1618 Main St. within days, and AT&T is relocating its headquarters to Plano, with its One Whitacre Tower lease running through 2031. That pressure makes creative adaptive reuse projects a bigger part of downtown’s playbook.
Why It Matters
A mixed office-hotel-retail repositioning of the city’s signature tower is exactly the kind of bet downtown Dallas needs as large tenants migrate to Uptown and the suburbs.
It also tests whether public incentives can close the gap on older downtown towers at a time when buildings like 2100 Ross face foreclosure. The project would also be the most ambitious for either developer. Fort Worth and Mansfield previously ended agreements with Hoque, citing missed deadlines, per the Dallas Business Journal.
What’s Next
The immediate milestone is a finalized development agreement with the city, followed by closing on the tower before July 2027.
Nearby, the $3.5 billion to $3.8 billion Kay Bailey Hutchison Convention Center redevelopment should add foot traffic to the west side of downtown, which Ablon says is seeing strong momentum.
