The Dallas City Council has approved an agreement to support the redevelopment of the Bank of America building in downtown Dallas, with more than $100 million in incentives.

The 72-story building at 901 Main St., known for its neon-green light trim, is billed as the tallest tower in downtown Dallas.

A team comprised of Mike Hoque of Hoque Global and Mike Ablon of PegasusAblon previously announced their intention to purchase and transform the office tower and adjacent properties after Bank of America expressed intent to leave the building.

The current owner Metropolis Investment Holdings, a Chicago-based real estate firm, who entertained the prospect of selling after Bank of America announced in 2023 that it would relocate about 1,000 workers to a new office tower overlooking Klyde Warren Park.

The Dallas City Council’s approval includes up to $103 million in economic development incentive funding from the Downtown Connection Tax Increment Financing (TIF) District to support the planned $409 million project. The vote was unanimous.

The redevelopment plan includes:

• reducing office space in the tower from 1.8 million to 1.5 million square feet
• renovating the office space
• adding 280 new four-star or higher hotel rooms and related hotel amenity space
• constructing a new glass and steel structure adjacent to the tower to serve as the hotel lobby
• constructing a new 1,115-space parking garage on a surface parking lot across Main Street to connect to the hotel lobby via an elevated crosswalk
• the addition of new street-level retail and restaurant space

In a release, Mayor Pro Tem Jesse Moreno says he's "ecstatic that we approved this item today to support our business community and a significant economic asset."

"This investment of funding through the Tax Increment Financing District in the area will expand the Bank of America property from simply a building of offices to a vibrant community-focused facility," Moreno says. “There will be a mix of office space, a high-quality hotel, and retail/restaurant uses at this iconic Dallas skyscraper. The community should be proud of this building, and of the work that this City is putting into helping our business community thrive."