Report: Visionary Developers Plan ‘Moonshot’ Transformation of Bank of America Plaza in Downtown Dallas

First reported by D CEO, Mike Hoque and Mike Ablon have the iconic 72-story tower and four surrounding city blocks under contract, planning a $350 million redevelopment that includes a luxury hotel, street-level enhancements, and a potential new financial district in downtown Dallas.

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.

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