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Dallas developer to buy neglected city-owned property downtown. Here are his plans

It’s part of Mike Hoque’s larger plan to transform a portion of downtown.

A city-owned property plagued by issues of vandalism and squatting will become a key puzzle piece for a Dallas developer who dreams of creating an education and technology hub downtown.

Mike Hoque, CEO of real estate firm Hoque Global, told The Dallas Morning News that he is purchasing 711 S. Saint Paul St. from the city of Dallas.

Hoque did not disclose the amount he agreed to pay for the property. However, a city spokesperson said the City Council accepted a $1 million bid.

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

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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 that his firm already owns. A total of 350 mixed-income units are planned. Roughly 240 will be completed in the first phase.

Hoque said his firm 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 portion of downtown into the Newpark district. In 2022, the Dallas City Council approved up to $96.1 million in economic support for the 20-acre development just south of City Hall.

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The project’s first phase is a mixed-use 38-story tower directly across from the Dallas Convention Center. It will include 240,000 square feet of office space, over 50,000 square feet of retail, a four-star hotel and luxury apartments.

Hoque said Dallas ISD plans to build a 2,000-student school, and he hopes to convince Dallas College to move to the area as well. At full build-out, the mixed-use district will have millions of square feet of Class A office space.

“I want to build an area,” Hoque said. “I’ve been sitting, 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 putting it up for auction in August. The property was once home to Family Gateway, a Dallas organization that provides services to area families experiencing homelessness.

Family Gateway moved to a new facility in far north Dallas in 2023, leaving the property under the care of the city’s real estate team. Squatters occupied the property just steps from city hall, and the structures were vandalized.

These are just the latest plans Hoque has for downtown properties.

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

They plan to spend $350 million to liven up the block. A new “4-plus star hotel” will take up roughly eight to 10 floors in the tower, the duo previously said.

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