The Dallas City Council is set to evaluate an ambitious proposal for the revitalization of Bank of America Plaza, with local developers Mike Ablon and Mike Hoque leading the initiative. The committee meeting occurs today, followed by a full council vote later this month.
This development represents not just a construction project, but potentially a pivotal moment for downtown Dallas.
Using the term “Daltroit” often reflects concerns about the city reaching a turning point; however, Ablon views the situation differently, as he focuses on the opportunities ahead.
I have known Ablon for over two decades and have collaborated with him on several occasions. Renowned for his enthusiasm and intelligence, he carries a deep passion for Dallas, supported by his educational background from the University of Texas and Harvard. His expertise as an architect provides him with valuable insights into development.
The city is fortunate to partner with someone of Ablon’s caliber, given the extensive scope of reimagining the 72-story Bank of America Plaza located at 901 Main St. He emphasizes, “I only work in D-FW. I love this place; I know this place,” contrasting the sentiments of some developers who have vowed never to work in Dallas again.
Ablon and Hoque’s partnership traces back to when Hoque was a tenant in one of Ablon’s buildings in Addison. As a native of Bangladesh, Hoque has significantly contributed to enhancing the downtown food landscape through restaurants such as Dallas Chop House, Dallas Fish Market, and Wild Salsa. Over time, he has also accumulated substantial real estate in and around City Hall and the Cedars area.
The duo now faces the significant challenge of reimagining the iconic, albeit underutilized, Bank of America building. Recognized as a towering green symbol of Dallas—now capable of changing colors thanks to modern LEDs—this skyscraper’s future identity is at stake.
Mark Lamster, architecture critic for the Dallas Morning News, concurs: “Dallas has lots of mediocre mirror-glass towers. Bank of America is a big step above that cohort, a pristine neo-modern tower.”
Tipton Housewright, a well-known local architect, points out that while the building plays an important role in the skyline, it lacks a friendly connection to the street. He commends the development team for making prudent choices necessary for enhancing the structure’s appeal.
However, the building’s current state reflects the realities of its 1980s construction period, a time when office cultures were markedly different. Today’s workforce demands a more curated experience filled with amenities. Companies must meet these expectations to attract talent.
Ablon is clear on the challenges, stating, “In its current state, the building is unleasable. The lack of dedicated parking and amenities cripples its chances in the market.” This highlights the importance of parking solutions in revitalizing office spaces.
The development vision includes adding ground-floor retail, dining options, and about 300 upscale hotel rooms to fulfill tenant demands and create a bustling destination.
Ablon previously succeeded in revitalizing Ross Tower and has made significant investments in the Design District, despite skepticism from many observers. He recalls the support of former Dallas City Council member Ed Oakley, whose efforts led to a progressive zoning ordinance and a Tax Increment Finance (TIF) district, all fundamental for transforming that area.
Now, Ablon seeks the city’s support to promote his redevelopment strategy for Bank of America Plaza and hopes to secure a TIF agreement. In municipal finance, TIF arrangements allow developers to reclaim a portion of the tax revenue generated from their newly enhanced property. Ablon and Hoque anticipate investing $409 million into the project while aiming to secure approximately $98 million in TIF incentives.
Some critics express concerns about the transparency surrounding the funding sources for this expansive project, though I view this as a matter to be settled during closing rather than public discussions. Ablon has demonstrated his capability to execute sizable deals in the past.
Moreover, skeptics question Hoque’s experience regarding projects of this magnitude, dismissing him as a mere land speculator.
Ray Washburne, an esteemed local developer and part-owner of Highland Park Village, has voiced concerns about the urban planning implications of the proposed development. He worries that the newly planned parking garage might create a “giant block” separating pedestrians from the planned convention center.
There are also doubts among some stakeholders about the feasibility of developing on top of the garage, recalling the example of the now-abandoned Reunion Arena garage that failed to materialize as envisioned.
In response to his critics, Ablon remarked, “I’m looking forward. If I don’t do this, and the city doesn’t do this, how do we expect people to want to be in downtown Dallas?” This question encapsulates the core of the project’s ambition: rekindling interest in Dallas’s urban heart.
Having spent 15 years in an office in Founders Square with a view of the Bank of America Plaza, I found myself disinclined to explore downtown due to a lack of attractions. That led me to relocate my business to Oak Lawn, a move that brought my employees much satisfaction.
The initial construction cost of Bank of America Plaza stood at $146 million in the mid-1980s, but today a comparable project would exceed a billion dollars. Revitalizing older structures like this holds immense potential, provided they are entrusted to capable hands. Given the current economic climate, the construction of new buildings of this scale remains implausible; therefore, the need for rejuvenation is more pressing than ever.
image source from：dallasnews
