The council’s decision, announced Tuesday, pushes the final closing date from September 30, 2026 to July 30, 2027, giving developers a 10‑month reprieve. City Councilmember John Smith said the extension provides breathing room to negotiate the complex public‑private agreement that underpins the project.
The acquisition price is pegged at $165 million, part of a $409 million transformation that will shrink office space from 1.8 million to 1.5 million square feet and add 275 hotel rooms and a 1,115‑space parking garage. The plan also turns the 69th floor into a restaurant‑observation deck, adding a destination element to Dallas’ skyline.
Dallas’ Downtown Connection Tax Increment Financing district will front $103 million of the development, a commitment that hinges on the city’s development agreement being signed before the July deadline. The developers have already spent about $4 million on design work and say they have secured a capital partner and financing, though specifics remain private.
Hoque and Ablon now face a tight window to finalize the agreement and close the tower purchase. If they meet the July 30, 2027 deadline, the redevelopment could launch in tandem with the $3.5‑$3.8 billion renovation of the nearby Kay Bailey Hutchison Convention Center, a move that could revitalize the western side of downtown. The project’s success hinges on aligning the tower’s transformation with broader downtown shifts, including Bank of America’s planned move to a new tower near Klyde Warren Park and the closure of Neiman Marcus on Main Street.
The next step is a formal signing of the development agreement, expected to occur in the first week of July. Afterward, the developers will proceed with construction, which could create up to 3,000 jobs during the build phase and re‑energize the downtown core for residents and workers alike.