Two Dallas developers are set to acquire the Bank of America Plaza, according to D CEO. Mike Hoque of Hoque Global and Mike Ablon of PegasusAblon have put the 72-story tower and four surrounding blocks under contract, the publication reports.
The pair plan for a $350 million redevelopment that includes adding a 300-room luxury hotel and enlivening the street-level areas around the iconic skyscraper known for its green-lit outline. “On this one, you could say that what we’re doing is a bit of a moonshot,” Ablon told D CEO Editor Christine Perez.
According to the report, negotiations with the hotel should be finalized within a month. While Hoque and hotel partner, Dave Johnson of Horizon Capital Partners, didn’t reveal the brand, they indicated it would be a high-end flag.
Hoque believes Bank of America Plaza is an ideal location for creating a new financial district anchored by the tower, according to D CEO. To that end, the publication reports that Hoque has already keyed in on a prospective tenant: the BlackRock-backed Texas Stock Exchange. TXSE Group Inc. announced in June its plans to launch the exchange and base it in Dallas.
“We wanted to do something catalytic,” Hoque told D CEO. The publication describes “the two Mikes” as “like-minded about creating spaces that have an impact.” And they share a “fierce passion” for Dallas.
Bank of America, the tower’s namesake tenant, announced plans last year to move from the building to a new tower in Uptown. Metropolis, the current owner, had initially planned to stay the course with the property, according to D CEO. However, after considering several investment and development groups, Metropolis selected Hoque and Ablon for their “dedication to downtown Dallas and the vision … to transform the property and the neighborhood,” according to Tom Dempsey, managing director at Metropolis, D CEO reported.
“If we do this properly, if we can use the building to frame the street, then more people will want to be here,” Ablon said to D CEO. “We must think this way to pull downtown to what it might become.”
For more details about the Bank of America Plaza redevelopment plans and to view a gallery of renderings, read the full story in D CEO.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
Designed by Dallas-based Corgan and named "Project of the Year" by the Regional Hispanic Contractors Association, the new mixed-use parking garage near the Dallas County Courthouse looks pretty striking as is. It will look even more stunning if an envisioned 15-story hotel is built on top.
-
In yet another sign that downtown Dallas is increasingly becoming a residential neighborhood, the Switzerland-based Empira Group plans to break ground later this year on a signature residential address—with the Dallas Arts District and the central business district beckoning in two directions.
-
A vacant storefront across from Neiman Marcus is now the home of a 2,000-square-foot modernist mural filled with explosions of color and expressive glyphs, transforming the heart of the city, thanks to a team-up of artist Dora Reynosa, FGIII Fine Art Productions, and Downtown Dallas Inc.
-
It won't happen until 2026, but the Dallas office of professional services giant Deloitte is set to relocate from Dallas Arts Tower to 23Springs, a new 26-floor development in Uptown Dallas that's slated for completion in March 2025. The new building is more than a third leased with the newly announced signing, Granite Properties and Highwoods Properties said.
-
The historic 1966 Garland Bank and Trust building will have an even more '60s look when it becomes The Draper—part of a $30 million revitalization-redevelopment underway in a partnership between the city of Garland and Dallas-based GroundFloor Development.
-
Thirty-five years after developing Perot Field Fort Worth Alliance Airport and after decades of booming economic impact at AllianceTexas, Dallas-based Hillwood is making its first-ever play in the Panther City's downtown district.
