Developer Duo Seeking Incentives for Dallas Highrise Makeover

Mike Ablon of PegasusAblon and partner Mike Hoque of Hoque Global plan to buy and revamp the 72-story Bank of America Plaza tower and surrounding blocks in downtown Dallas.

The Dallas Business Journal reports the two made a pitch in front of two city advisory boards, which approved more than $100 million in incentives for the proposed project. The issue is expected to be presented to the Dallas City Council at an upcoming meeting.

The cost to renovate the city’s tallest skyscraper is expected to be $409 million. The office space is currently around 70% leased.

Current plans for the tower include converting some of the office space into hotel space, adding an eight-level, ground-up parking garage capable of accommodating 1,115 cars, building a hotel ballroom and event space, and creating an elevated pedestrian walkway over Main Street to connect the glass ballroom space to retail and restaurants next door.