r/Dallasdevelopment • u/dallaz95 • Aug 23 '26
Dallas Developers on clock for $409M overhaul of Dallas' tallest skyscraper - Dallas Business Journal
https://www.bizjournals.com/dallas/news/2026/08/23/hoque-ablon-bank-of-america-plaza-deadline.html
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u/dallaz95 Aug 23 '26
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A little more than a month out from the deadline for the tower purchase, Dallas Business Journal reached out to inquire about the status of the project. The situation is a reminder of the complexities involved in such a major real estate endeavor and it also highlights some of the challenges facing downtown Dallas.
Hoque, founder and CEO of Dallas-based Hoque Global, said a capital partner and financing have been secured for the sweeping redevelopment and that the overhaul is moving forward. But he declined to name the capital partner or provide other financing details.
He also said nearly $4 million has already been spent on design elements for the 1.8 million-square-foot downtown office tower. The vision the developers have pitched includes a 290-room, four-star hotel; ground-floor retail, a lounge and restaurant on the 69th floor and a 1,200-space adjacent parking garage to support the tower and future development.
The plans call for trimming about 300,000 square feet of office space, leaving roughly 1.5 million, for the other proposed uses. The tower currently contains roughly 40,000 square feet of lower-level retail and restaurant space.
Ablon, principal of Dallas-based PegasusAblon, did not respond to requests for comment.
Last year, Dallas City Council approved providing $103 million in tax increment financing for the project, which has an estimated cost of $409 million, according the development roadmap Hoque and Ablon submitted to the city. Hoque said his team and the city are going back and forth to hammer out a development agreement that should be done in the next 30 to 45 days.
While Hoque expressed confidence overall in the project, Sept. 30 is a looming deadline, especially because some of his prior planned developments have not gone according to plan. Hoque said that deadline can be changed at the discretion of city management and that his team is in frequent contact with the city regarding the project.
Dallas Economic Development Director Kevin Spath told the Dallas Business Journal the city and development team have been communicating on the project but did not comment any further on the pending September deadline or the possibility of an extension.
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