Dallas City Council Piles On $96 Million in Incentives for One Newpark

It’s just a surface parking lot right now. But not for long. The developers of the 38-story, 1.3 million square foot mixed-use tower were recently given a pledge from the City of Dallas of $4.1 million in the form of an economic development grant and up to $92 million payable from future Tax Increment Financing (TIF) funds.

Hoque Global and Lanoha Real Estate are partnering on the proposed 825,000 square foot development next to city hall. The first phase of the project will include a tower that will be split between office, a 245-room hotel and 268 residential units. Future phases will include thousands of new residential units and 200,000 more square feet of retail.

Mike Hoque says the project will be transformational, “Newpark Dallas will be a catalyst to help take our city to new levels of economic growth by opening doors to new opportunities as our city grows south.”