A Dallas developer will buy abandoned downtown real estate. These are his plans

City-owned property plagued by vandalism and squatting will be a key piece of the puzzle for a Dallas developer who dreams of creating an education and technology center in the city’s downtown.

This was announced by Mike Hoque, CEO of real estate company Hoque Global. Dallas Morning News that he is buying 711 S. Saint Paul St. in the city of Dallas.

Hoke did not disclose the amount he agreed to pay for the property. However, a city spokesman said the City Council accepted the $1 million offer.

It will only buy the land and the city will demolish the existing building, which is listed on the National Register of Historic Places. According to Hawk, the deal is not yet closed.

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

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Hock plans to build apartments on the newly purchased land and the rest of the block his firm already owns. A total of 350 mixed-income properties are planned. At the first stage, about 240 objects will be built.

Hock said his firm will break ground on the multifamily project in the third quarter of 2025.

The apartments are part of Hoke’s larger plan to transform this part of downtown into the Newpark neighborhood. In 2022, the Dallas City Council approved up to $96.1 million in economic support for the 20-acre project 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 will include 240,000 square feet of office space, more than 50,000 square feet of retail space, a four-star hotel and luxury apartments.

Hoke 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 developed, the mixed-use district will have millions of square feet of Class A office space.

“I want to build this neighborhood,” Hoke said. “I sit and wait and pay millions of dollars in property taxes to 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 site was once home to Family Gateway Dallas, an organization that provides services to homeless families.

Family Gateway moved into a new facility in far north Dallas in 2023, leaving the property under the care of the city’s real estate team. Squatters took over the area just steps from City Hall and the buildings were vandalized.

These are just the latest in Hoke’s plans for downtown real estate.

Hoke 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 real estate firm that manages the assets of a German family investment group. The duo said the deal is expected to close by March 2025.

They plan to spend $350 million to revitalize the area. The new “4-star hotel” will occupy approximately eight to 10 floors in the tower, the duo previously said.