Dallas approves $103M plan to transform Bank of America Tower into hotel, retail destination

The Dallas City Council has approved an economic development agreement with a group that plans to make improvements to the Bank of America tower downtown.
The Dallas City Council has approved an economic development agreement with a group that plans to make improvements to the Bank of America tower downtown. Photo credit Steven Pickering - KRLD News

The Dallas City Council has approved an economic development agreement with a group that plans to make improvements to the Bank of America tower downtown.

The plan calls for converting some of the floors currently used for offices into a hotel. The redevelopment will also include stores and restaurants on the ground floor.

The money is coming from a special taxing district set up by the city in the area surrounding the building at 901 Main Street. The city has agreed to allocate up to $103 million from the Downtown Connection Tax Increment Financing  District. The total cost for the developers to acquire and renovate the building is estimated at $409 million. When it is finished, the amount of office space available will be reduced from 1.8 million square feet to 1.5 million square feet.

Council Member Paul Ridley said Dallas has a surplus of available office space downtown.

"That includes the Bank of America building," he said. "This is an opportunity to adaptively re-use a portion of that space to create a four or five-star hotel, which is a much-needed land use downtown.

Developers Mike Hoque and Mike Ablon also plan a new hotel lobby and a new parking garage. The hotel will have approximately 280 rooms.

"The ability for downtowns to reinvent themselves is key to their ongoing success," said Downtown Dallas, Inc. CEO Jennifer Scripps. "Downtown Dallas must continue to adapt and change to ensure the protection of past investments."

The Bank of America tower is 72 stories and is the tallest high-rise in downtown Dallas. It was finished in 1985 and is known for its distinctive green lighting. The green lights framing the building were originally argon, but were replaced in 2013 with LED lighting that can change colors.

Under the agreement, the developers will be required to acquire the tower from its current owners by the fall of 2026. They should finish with the renovations by 2032.

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Featured Image Photo Credit: Steven Pickering - KRLD News