A planned $409 million transformation of Dallas’ tallest skyscraper faces a major deadline this week, with developers scheduled to acquire Bank of America Plaza by Wednesday under terms tied to a $103 million city-backed redevelopment incentive.
The City of Dallas approved the tax increment financing agreement with 901 Main PAHG Partners LLC in October 2025 for the redevelopment of the properties at 900 Main St., 901 Main St. and 909 Commerce St.
The agreement calls for the developer to acquire the property by September 30, 2026, as part of a broader plan to transform the 72-story downtown tower into a mixed-use destination with renovated office space, a hotel, restaurants, retail and new parking.
The looming deadline was detailed in an August report from the Dallas Business Journal, which noted that developers Mike Hoque and Mike Ablon were working toward acquiring the skyscraper and surrounding property by the end of September.
Hoque told the publication that financing was in place and the project was moving forward.
$103 Million Tied To Redevelopment
The Dallas City Council authorized a tax increment financing development agreement of up to $103 million in October 2025 through the Downtown Connection TIF District.
The subsidy is intended to support the design, engineering, financing and construction of the 901 Main Street Redevelopment Project and is payable from current and future tax increments generated in the district, subject to annual appropriations.
City documents put the estimated total project cost at approximately $409.1 million.
The City Council’s economic development materials describe a project that would reduce the tower’s office space from approximately 1.8 million square feet to about 1.5 million square feet while adding a hotel and other amenities.
The developers are also expected to meet additional financing and construction milestones as the redevelopment progresses.
Hotel, Parking And Restaurants Planned
The redevelopment would substantially reshape one of the most recognizable buildings in the Dallas skyline.
According to the City of Dallas project description, plans call for approximately 280 hotel rooms and associated hotel amenities within and around the tower.
A new glass-and-steel structure is planned beside the existing building and would house the hotel lobby above ballroom and meeting space located on the tower’s concourse level.
The city materials also call for a new eight-level parking garage with approximately 1,115 spaces on property at 900 Main St. and 909 Commerce St.
An elevated pedestrian walkway would connect the new structures across Main Street.
Restaurant and retail improvements are also envisioned at street level as developers attempt to turn the aging office property into a more active mixed-use destination.
Dallas’ Tallest Building
Bank of America Plaza was constructed between 1983 and 1985 and contains approximately 1.85 million square feet, according to city economic development records.
At 72 stories, it remains the tallest building in Dallas.
The tower is easily recognizable at night by the lighting that traces its exterior and has long been one of the defining features of the city’s skyline.
But like other large downtown office properties, Bank of America Plaza has faced changes in office demand following the pandemic.
City staff noted that downtown building owners have increasingly considered conversions and adaptive-reuse projects as employers reduce office footprints and older towers compete with newer developments.
The Dallas Express Has Followed The Redevelopment
The Dallas Express has followed the planned transformation since developers first disclosed their ambitions for the property.
In September 2024, The Dallas Express reported that Hoque and Ablon had secured a contract to acquire Bank of America Plaza and surrounding property and were considering a roughly $350 million redevelopment.
At the time, the plans included a roughly 300-room luxury hotel along with improvements to retail and street-level areas around the skyscraper.
A year later, DX reported that the proposed redevelopment had advanced toward a city incentive agreement then valued at as much as $98 million.
That proposal was later increased to a maximum of $103 million before receiving City Council approval.
The project cost also climbed substantially from the approximately $350 million discussed in 2024 to the roughly $409 million figure contained in the city’s approved redevelopment materials.
Downtown Dallas Continues To Shift
The project arrives as Dallas officials and private developers wrestle with the future of the city’s downtown office inventory.
The City of Dallas said in its project background that changes in work patterns since the COVID-19 pandemic have reduced office demand and occupancy in some central business district buildings, prompting owners to consider adaptive reuse and conversion projects.
The redevelopment also comes as Bank of America prepares to consolidate employees in a newer Uptown office tower.
As The Dallas Express previously reported, the financial institution plans to anchor the new Bank of America Tower at Parkside near Klyde Warren Park.
That development reveals the broader challenge facing older downtown office buildings: competing with newer properties offering modern offices, amenities and locations increasingly favored by major corporate tenants.
For Bank of America Plaza, the proposed answer is a massive reinvention.
The next major marker comes Wednesday, when the developers’ scheduled September 30 acquisition deadline arrives.
Provided by Dallas Express
