Downtown News

New downtown tower by City Hall gets Dallas City Council thumb$ up

New downtown tower by City Hall gets Dallas City Council thumb$ up

Newpark
Right now this is a parking lot. Courtesy rendering

The Dallas City Council approved a financial incentive of nearly $100 million to facilitate a new mixed-use tower being planned near City Hall.

Called One Newpark, it'll be a 38-floor mixed-use tower from Hoque Global and its development partner Lanoha Real Estate Company, to be constructed on land currently used as parking lots just south of Dallas City Hall.

The project will include street-level retail, 225,000 square feet of office space, a 245-room hotel, and 268 mixed-income residential units. The total cost: approximately $380 million.

The City Council authorized a subsidy that combines funds from the city's Public/Private Partnership Fund and Downtown Connection Tax Increment Financing District Fund totaling $96.1 million.

"Newpark Dallas in Southern Downtown 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," said Mike Hoque of Hoque Global in a statement.

Hoque said that the positive impacts of the project could develop talent and create opportunities.

One Newpark is the first phase of the larger, multi-phased Newpark Dallas development. At full build-out, Newpark Dallas is planned to include over one million square feet of Class A office space, 200,000 square feet of urban retail space, a few thousand residential units, and a four-star hotel.

District 2 City Council member Jesse Moreno said in a statement that this is a better use for the land than the parking lots that currently exist.

"For years, we’ve had surface parking lots that have not added substantial value in landscape or taxes," Moreno said. "This project includes a strategic plan with vision that will transform the area into a walkable mixed-use neighborhood, bridging the Convention Center, Dallas Farmers Market, and the Cedars.  This will re-energize the southern portion of Downtown Dallas. Today’s action will propel growth and vitality in the area, and I am excited to see this moving forward."

Hoque Global also has plans for a massive mixed-use near UNT in southern Dallas, the first large-scale mixed-use community of its kind in southern Dallas.