Hoque Global took a major step forward this week as Dallas City Council approved amendments vital to its University Hills project in Southern Dallas.
The changes increase public subsidies to $35.9 million, raise the developer’s minimum investment to $62 million and outline strict deadlines for land purchase, agreement execution and construction financing. The deal paves the way for the 270-acre mixed-use community to start construction early next year, the Dallas Business Journal reported. The $1.75 million subsidy hike will fund faster construction of a wastewater line.
The development, near the University of North Texas at Dallas, will feature 1.5 million square feet of commercial space, a town center and over 50 acres of green space. The project would be a milestone in a historically underinvested area.
Assistant City Manager Robin Bentley made it clear that if the firm fails to meet its deadlines like it did in Fort Worth, the deal will be over.
The development’s residential component is already progressing, with 580 lots sold to homebuilders D.R. Horton and Lennar for single-family homes and townhomes. Hoque Global is also focusing on securing an anchor grocery store to meet long-standing community needs.
Dallas Regional Chamber President Dale Petroskey lauded the project as a “catalyst for walkable urban development in Southern Dallas County.”
“A high quality of life and economic mobility in this historically under-championed community is a key area of focus for the Dallas Regional Chamber, and this will help ensure the future prosperity of the Dallas Region,” he said. “We are grateful for Hoque Global’s partnership and commitment to advancing infrastructure and housing at University Hills.”
The developer’s other high-profile moves include the recent acquisition of land near City Hall for the Newpark district, a technology and education hub with $96 million in incentives from the city. Plans for the half-acre site include the development of offices, apartments and a hotel.
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The office-to-hotel conversion of Dallas’ tallest building is also in the works. Hoque and Mike Ablon of PegasusAblon acquired the 72-story Bank of America Plaza at 901 Main Street in September with plans for a 300-key hotel. Last year, that building lost its anchor tenant to KDC’s Parkside development in Uptown.
— Andrew Terrell