Downtown News

Dallas City Council OKs incentives for iconic Bank of America tower

Bank of America building in downtown Dallas.

Bank of America building outlined in neon green.

Courtesy photo

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."

Downtown Dallas building

REAL ESTATE NEWS

Dallas ranks No. 9 among U.S. cities for canceled home sales in 2025

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Homebuyers across the United States are ghosting sellers at record rates, and Dallas has some of the worst offenders. Real estate marketplace Redfin tracked which metros saw the most buyers getting cold feet before closing real estate deals: Dallas came in at No. 9.

Redfin says 17.7 percent of Dallas home purchases were called off in September 2025, an increase from 16.4 percent in September 2024.

Fort Worth was even worse, landing at No. 4. In September, 18.7 percent of Fort Worth home purchases were called off, up from from 16.6 percent the previous year.

By comparison, San Antonio ranked No. 2 overall, with the highest pull-out rate in Texas, at 19 percent.

Tampa, Florida, topped the list with a cancellation rate of 20.1 percent. The national average is 15 percent.

Redfin says Goldilocks thinking is largely to blame for the rise in buyers "ghosting" sellers. A lack of compromise on concessions and repairs is driving the trend, with buyers refusing to accept imperfect homes.

Meanwhile, sellers want to avoid losing money on the deal. This is especially true of homeowners who bought during the COVID-19 boom, who are holding their asking price firm to avoid taking a loss. With plenty of homes on the market in "Sun Belt" cities — in some place, more than twice as many sellers than buyers — buyers are weighing all options.

“I’m seeing a lot of buyer’s remorse,” explained Redfin agent Jo Chavez, in a release. “Buyers make an offer, then they start worrying they could have found a better deal or a better home because there are more home sellers than buyers in the market. Some other buyers are backing out because they’re concerned about job security.”

The top 10 markets with the most sideways deals include:

No. 1 — Tampa, Florida
No. 2 – San Antonio, Texas
No. 3 — Atlanta, Georgia
No. 4 — Orlando, Florida
No. 5 — Fort Worth, Texas
No. 6 — Riverside, California
No. 7 — Fort Lauderdale, Florida
No. 8 —Jacksonville, Florida
No. 9 — Dallas, Texas
No. 10 — Las Vegas, Nevada

home sales market conditions economy residential real estate