Dallas Developers Will Acquire Bank of America Plaza Soon

Developers face a September 30, 2026 deadline to secure the landmark tower for a major urban redevelopment project.

Updated on Sept. 28, 2026 in Commercial

Bold vector editorial illustration of a modern skyscraper facade with geometric steel ribs, symbolizing urban redevelopment in downtown Dallas. — Developers must finalize the acquisition of Dallas's Bank of America Plaza by September 2026 to secure $103 million in city-backed redevelopment incentives. AI Illustration. Upload story photo >

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Should city governments provide financial incentives to convert aging office towers into mixed-use developments?

Developers must complete the acquisition of the 72-story Bank of America Plaza in Dallas by September 30, 2026, to qualify for a $103 million city-backed incentive. The transaction serves as a critical first step in a $409.1 million plan to revitalize the property.

Why it matters

The redevelopment aims to address shifting commercial real estate needs in downtown Dallas, where post-pandemic office demand has declined. By repurposing the aging skyscraper, the city hopes to offset the impact of major tenants consolidating into newer office towers in Uptown.

The proposed plan covers properties at 900 Main St., 901 Main St., and 909 Commerce St., featuring 280 hotel rooms and a 1,115-space parking garage. The site will downsize from 1.8 million square feet of office space to 1.5 million square feet.

The players

City of Dallas

This local government body governs the city and approved the tax incentive agreement to encourage downtown revitalization.

Bank of America

This multinational financial services corporation is the namesake tenant currently consolidating its workforce into a newer facility in Uptown.

The details

The project transforms the 72-story structure, originally built between 1983 and 1985, into a multi-use facility funded by the Downtown Connection TIF District. This conversion is necessary as Bank of America moves its staff into a more modern tower located in the Uptown area.

1983-1985: The Bank of America Plaza was originally constructed.
September 2024: Developers secured the initial contract to purchase the property.
October 2025: The Dallas City Council approved the formal incentive agreement.
September 30, 2026: The deadline for developers to acquire the skyscraper.

Roadmap

This project reflects a broader trend of repurposing massive 1980s-era office towers as demand shifts toward modern, mixed-use facilities. It positions Dallas developers to bridge the gap between declining central business district density and the contemporary preference for live-work-play environments.

Residents and daily commuters can expect significant long-term construction activity in the downtown core as this massive site is retrofitted. The shift is designed to revitalize the area surrounding Main Street by introducing new hospitality options and modernized infrastructure.

The takeaway

Large-scale urban redevelopment projects like this highlight the ongoing evolution of city centers toward mixed-use hospitality hubs. Investors and local stakeholders should monitor progress as these conversions become the primary method for maintaining downtown property values.