Dallas developer will buy neglected downtown city property. Here are his plans

A city-owned property plagued by problems like vandalism and squatting will become an important piece of the puzzle for a Dallas developer dreaming of creating a downtown education and technology center.

Mike Hoque, CEO of real estate company Hoque Global, said The Dallas Morning News that he buys 711 S. St. Paul St. from the city of Dallas.

Hoque did not disclose the amount he would pay for the property. However, a city spokesperson said the council accepted a $1 million offer.

He will only purchase the land and the city will demolish the existing building, which is on the National Register of Historic Places. The transaction has not yet been completed, Hoque said.

The demolition process is underway and city officials expect the work to be completed by the end of 2024.

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Hoque plans to build apartments on the recently purchased land and the rest of the block his company already owns. A total of 350 mixed-income units are planned. About 240 will be delivered in the first phase.

Hoque said his company will break ground on the multifamily project in the third quarter of 2025.

The apartments are part of Hoque’s larger plan to transform that part of downtown into the Newpark District. In 2022, the Dallas City Council approved to $96.1 million in economic relief for the 20-acre development just south of City Hall.

The first phase of the project is a 38-story mixed-use tower directly across from the Dallas Convention Center. It includes 240,000 square meters of office space, more than 50,000 square meters of retail, a four-star hotel and luxury apartments.

Hoque said Dallas ISD plans to build a school for 2,000 students, and he hopes to convince Dallas College to move to the area as well. When fully built out, the mixed-use district will include millions of square feet of Class A office space.

“I want to build an area,” Hoque said. “I’ve been waiting and paying property taxes, millions of dollars, so I can build this education/technology (corridor).”

City Council members discussed the possibility of demolishing the building at 711 S. Saint Paul St. before it was put up for auction in August. The property was once home to Family Gateway, a Dallas-based organization that provides services to area families experiencing homelessness.

Family Gateway moved to a new location in far north Dallas in 2023, leaving the property in the care of the city’s real estate team. Squatters occupied the building a stone’s throw from the city hall and the buildings were destroyed.

Hoque and Mike Ablon from PegasusAblon said they plan to purchase the 72-story building Bank of America Square from current owner Metropolis Investment Holdings, a Chicago-based real estate company that manages assets for a German family investment group. The duo said the deal is expected to close in March 2025.

That’s what they plan to do Spending $350 million to revive the bloc. A new “4-plus star hotel” will occupy about eight to 10 floors in the tower, the duo previously said.